Where are iWork templates saved? I'm using iWork (specifically Pages 5.5.3) and I can't find the templates I created for this anywhere on the HD. 

Library > Application Support > iWork > Pages > Templates > My Templates 

Only shows the ones I've saved to that location. For some reason, I think because I do have iCloud enabled, it's saving it somewhere else, but can't find it anywhere related to iCloud either.

I've also chosen 'Show Package Contents' for the Application itself and navigated through the Pages 'Contents' folder with no results.

It's not related to iCloud. I just went to iCloud.com and tried to create a new document from the template chooser—my templates did not show up there. 

It's because I selected the option to "Add To Template Chooser" as opposed to saving it to my HD. Where are these templates stored when selected that option? I need to edit the name of one and delete another.
Your Pages templates are located in the following folder:

~/Library/Containers/com.apple.iWork.Pages/Data/Library/Application Support/User Templates


You can rename and delete templates without accessing the folder directly, by right-clicking on a template in the template chooser.