Traditionally the Lookup on the Web Page would be populated, but recently (with the new editor) this is not the case. Traditionally, the Web Template would use the Lookup's to populate the Liquid tags for entitylist, entityform, and webform - in the new editor these tags are written directly into the Page Content field on the Web Page (loacl content version) with the values hardcoded in them and don't use the Lookups.
