Yes that means theres a track matte above that layer. See that icon of the dude sticking his nose over a fence that's in blue in the top right of your layer panel? Thats the shy toggle, click that and it'll show you the matte that's been hidden above the text.
Or the text might be the matte and the square is taking the inverted alpha. but when u click that shy toggle button you'll see more layers show up and you can experiment from there. And like dave said there should be some documentation with the template to help you make changes.