I was able to duplicate the issue. The reload button gets greyed out if SW thinks the format you have selected doesn't match the current format. So I guess when a different format is automatically used when adding a new sheet for some reason SW doesn't match it up that that same format when you open the Sheet Properties.
I notice that if you bring up the Sheet Properties window and click on that format (even if it's already highlighted) then click ok to go back to the sheet, if you open the Sheet Properties again the Reload button is not greyed out anymore. Maybe clicking it and hitting ok the first time actually reloaded it? You could try adding a sheet , then changing the format template, then bring up the Sheet Properties window and click on that format then click ok, see if it updates.