A local copy of an Element Template can be linked to its DGN Library or cannot linked to its DGN Library depending on the scenario.
I think that MicroStation should show an indicator (icon) next to the name of the Element Template as Text Styles does to differenciate if the local copy is linked or not linked to a DGN Library.
Moreover, there is not an easy way to know if the local copy linked to its DGN Library still matches with the DGN Library. You must select "Update Templates from Library" to find out.... (and that action is for all Templates..)
I think that an Element Template should have a readOnly property "Yes/No" for example named : "Matches with its Library" that says if there is match or not.
For example, if you activate an Element Template then "Matches with its Library"= Yes.
If you edit/change some value of a property of the Element Template in the active drawing, then automatically "Matches with its Library" is changed to No.
If for some reason the program cannot know it then "Matches with its Library"= --