I made a template in Cubase 9 that I would like to open in Cubase 7. Is it possible? Alternatively, can I import the tracks from 9 project into 7 project?
Sure you can open 9 projects in versions that go way back. The caveat being if it uses capabilities introduced in Cubase 8 to 9 those won’t be available in 7. You should open the Template in 9 and then save it as a Project. Then open that Project in 7.
This chart needs to be updated for 9, but you get the idea.
https://www.steinberg.net/nc/en/support/knowledgebase_new/show_details/kb_show/compatibility-and-interchangeability-of-project-files
Since importing Tracks from another Project was introduced in C9 you wouldn’t be able to do that from C7 regardless of what version the source Project was created with.