Yes, this list can be helpful for both custom and semi-custom builders. While no two jobs may be the same, there are almost always windows, flooring, paint color, etc...
You may not need to list specific options, but you at least know that a certain decision needs to be made. So, that's when it makes sense to have an item for it on the master selection sheet. Template items are also helpful for copying over titles and information (such as vendors, websites, etc…). You have lots of flexibility in deciding how detailed you want to be on your spec/selection templates.
For more semi-custom projects, you may find that you can load some specs or common upgrades, so there's very little tweaking needed once you copy them to a project. But on a highly custom project, you may only have a selection title, with the item set as “Choice to be entered by client” with a price of TBD. Everything else is filled in later on the project's Spec & Selections page.