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I have an app for building product quotes. I currently use a Flow to create the document in HTML, then convert it to PDF.
This seems to work okay, but I can't help but wonder if dynamically populating a Word template instead of using HTML would be a better way to do it.
That depends on whether you have a Premium license or not. Populating a Word document requires Premium. If your users don't all have per user or per app licenses I would suggest sticking with HTML to PDF.