You have a Fabric tenant that contains a warehouse named Warehouse1.

A replica of dbo.Sales is created in the test schema by copying the metadata only. - Yes

Additional schema changes to dbo.FactSales will also apply to test.FactSales. - No

Additional data changes to dbo.FactSales will also apply to test.FactSales. - No

The CREATE TABLE AS CLONE statement creates a copy of an existing table, including its data and any associated data structures, like indexes. Therefore, the statement does not merely copy metadata; it also copies the data. However, subsequent schema changes to the original table do not automatically propagate to the cloned table. Any data changes in the original table after the clone operation will not be reflected in the clone unless explicitly updated.

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CREATE TABLE AS SELECT (CTAS) in SQL Data Warehouse