What are the benefits of using Live Templates in PHPStorm for managing code snippets?

Live Templates in PHPStorm are a powerful tool for managing code snippets. They allow developers to create custom shortcuts for frequently used code patterns, reducing the need for repetitive typing and improving productivity. By defining and using Live Templates, developers can quickly insert common code structures, such as loops, conditionals, or function declarations, with just a few keystrokes.

// Example of a Live Template in PHPStorm for creating a basic PHP function
fn -> Tab
```

This Live Template shortcut will expand into the following code snippet:

```php
function functionName() {
    // Code here
}