There are a variety of circumstances you may wish to clone a Flow:
To modify an existing workflow on a temporary basis
To modify those assigned to perform the tasks of a Flow on a temporary basis
To A/B test a different way of working and to understand the efficacy of variants
To clone a Flow:
Locate the original template you wish to replicate, click on more options (the triple dots ("⋮")).
Select Clone Flow. Your new version will contain the original Flow name, preceded by "Copy of..."