You don't completely control the evaluation.
From the PEP:
> Template strings are evaluated eagerly from left to right, just like f-strings. This means that interpolations are evaluated immediately when the template string is processed, not deferred or wrapped in lambdas.
If one of the things you are interpolating is, as a silly example, an invocation of a slow recursive fibonacci function, the template string expression itself (resulting in a Template object) will take a long while to evaluate.