Thanks Ros. I just tried "build narrative with citation" on the 1881 census record I linked in my question and it gave me:
In the 1881 census William (age 14), Scholar, was the son of James Reed on No 21 Hackwood Rd, Basingstoke, Hampshire, England.<ref>
"1881 England Census",
Class: RG11; Piece: 1254; Folio: 25; Page: 43; GSU roll: 1341306; ED, institution, or vessel: 1,
{{Ancestry Record|7572|7055132|uk}},
William H Reed (14) son, Scholar, in household of James Reed (41) on No 21 Hackwood Rd in Basingstoke registration district in Hampshire, England. Born in East Cowes, Isle of Wight, Hampshire, England.
</ref>
Sadly as you can see it still only produced the Ancestry record template, no Ancestry sharing template.