NiFi Templates are a great format for configuration management of a NiFi flow. You can define templates for everything from small example snippets up to large nested process group structures, essentially your entire flow. Templates will include processors, queues, and controller services, but will not contain sensitive values like passwords. Templates are stored as XML files friendly to source control (since NiFi v1.0).
Templates provide a way for individual developers to separately build parts of a flow, then merge the parts together in a single NiFi. If you match templates with process groups, swapping out the old one with the new one can be fairly easy and intuitive.