If you draw shapes with LibreOffice Draw/Impress the shapes have by default the Default Drawing Stlye. If we would have some additional predefined styles see BUG 132138 it would be possible to change this shapes by change the different drawing styles. For example you draw some shapes with default drawing style (tango blue). The tango blue color come from the default draw template. If there is a second template which define everything in black/white the user copy the tango blue shapes into the black/white template the shape will change the color from tango blue to black/white. There can be additional templates or maybe an cooperate design company template be change the template the drawing was using, all the drawing will change and LibreOffice can have complete themes support like MSO, but the difference will be that it's way easier to edit the themes, cause you can change them by the styles sidebar F11.
Click on the blank canvas and double-click any drawing style- newly added shapes will take this style as the initial formatting. => WFM (though kinda hidden feature).
That wasn't the intention of the bug report. It's more like you know from writer. In writer there is a Styles section in menubar AND in the right click menu. I prefer to have this in Draw too, to show that you can use styles in draw for unify your drawings.
We provide access to a very limited number of paragraph and character styles in Writer. The sidebar is very efficient for applying a style and we have quite different scenarios. So still WF/WFM from my side.