This option controls the appearance of the Maintenance mode page. There is a Default Template, but this is a very basic page which just shows that the site is in Maintenance Mode, or Coming Soon.
For full control of your Maintenance Mode however, you can save any Avada Builder layout as a Page Template into the Avada Library, and these templates can then be selected for your Maintance Mode / Coming Soon page.
These templates can have any content / design you wish, and might incorporate an Avada Form, a background image, or any other content you wish to display. There are also some prebuilt examples in Avada Studio for quick implementation.
Below you can see an example of a Coming Soon template.