User impact: Users may be unable to create a new email template or insert dynamic text.

More Info: As a workaround, users can create new email templates by performing the following steps:
1. Click on the settings icon
2. Choose “Personalization Settings”
3. Select the email templates tab and click the “New” button.

In order to insert dynamic text, users may use the dynamic text syntax instead of the button. An example format of the dynamic text syntax:
{!entityLogicalName: fieldLogicalName;}

In the following example, the case entity logicalName is “incident.” The title filed inside the case entity logicalName is “title.” The resulting format would be:
{!incident:title;}

This will work for both custom entities and out-of-box entities. For more information on dynamic text, please visit: learn.microsoft.com/en-us/power-apps/user/email-dynamic-text

Current Status: We are aware of an emerging issue where users encounter an error when attempting to create a new email template, and when attempting to insert dynamic text. We are investigating the issue and will provide another update within the next 30 minutes.

This information is preliminary and may be subject to changes, corrections, and updates.