diff --git a/client/ayon_core/hosts/aftereffects/plugins/create/create_render.py b/client/ayon_core/hosts/aftereffects/plugins/create/create_render.py
index 78aa49a562..bd005f5d4f 100644
--- a/client/ayon_core/hosts/aftereffects/plugins/create/create_render.py
+++ b/client/ayon_core/hosts/aftereffects/plugins/create/create_render.py
@@ -194,13 +194,13 @@ class RenderCreator(Creator):
         name into created subset name.
 
         Position of composition name could be set in
-        `project_settings/global/tools/creator/subset_name_profiles` with some
-        form of '{composition}' placeholder.
+        `project_settings/global/tools/creator/product_name_profiles` with
+        some form of '{composition}' placeholder.
 
         Composition name will be used implicitly if multiple composition should
         be handled at same time.
 
-        If {composition} placeholder is not us 'subset_name_profiles'
+        If {composition} placeholder is not us 'product_name_profiles'
         composition name will be capitalized and set at the end of subset name
         if necessary.
 
diff --git a/client/ayon_core/hosts/photoshop/plugins/create/create_image.py b/client/ayon_core/hosts/photoshop/plugins/create/create_image.py
index a28872bba1..2ef746fc94 100644
--- a/client/ayon_core/hosts/photoshop/plugins/create/create_image.py
+++ b/client/ayon_core/hosts/photoshop/plugins/create/create_image.py
@@ -209,8 +209,8 @@ class ImageCreator(Creator):
 
         'Use layer name in subset' will explicitly add layer name into subset
         name. Position of this name is configurable in
-        `project_settings/global/tools/creator/subset_name_profiles`.
-        If layer placeholder ({layer}) is not used in `subset_name_profiles`
+        `project_settings/global/tools/creator/product_name_profiles`.
+        If layer placeholder ({layer}) is not used in `product_name_profiles`
         but layer name should be used (set explicitly in UI or implicitly if
         multiple images should be created), it is added in capitalized form
         as a suffix to subset name.
diff --git a/client/ayon_core/pipeline/create/subset_name.py b/client/ayon_core/pipeline/create/subset_name.py
index 93a61b8b8b..81967ffd99 100644
--- a/client/ayon_core/pipeline/create/subset_name.py
+++ b/client/ayon_core/pipeline/create/subset_name.py
@@ -48,9 +48,9 @@ def get_subset_name_template(
     if project_settings is None:
         project_settings = get_project_settings(project_name)
     tools_settings = project_settings["global"]["tools"]
-    profiles = tools_settings["creator"]["subset_name_profiles"]
+    profiles = tools_settings["creator"]["product_name_profiles"]
     filtering_criteria = {
-        "families": family,
+        "product_types": family,
         "hosts": host_name,
         "tasks": task_name,
         "task_types": task_type
@@ -59,7 +59,19 @@ def get_subset_name_template(
     matching_profile = filter_profiles(profiles, filtering_criteria)
     template = None
     if matching_profile:
-        template = matching_profile["template"]
+        # TODO remove formatting keys replacement
+        template = (
+            matching_profile["template"]
+            .replace("{task[name]}", "{task}")
+            .replace("{Task[name]}", "{Task}")
+            .replace("{TASK[NAME]}", "{TASK}")
+            .replace("{product[type]}", "{family}")
+            .replace("{Product[type]}", "{Family}")
+            .replace("{PRODUCT[TYPE]}", "{FAMILY}")
+            .replace("{folder[name]}", "{asset}")
+            .replace("{Folder[name]}", "{Asset}")
+            .replace("{FOLDER[NAME]}", "{ASSET}")
+        )
 
     # Make sure template is set (matching may have empty string)
     if not template:
@@ -82,9 +94,9 @@ def get_subset_name(
     """Calculate subset name based on passed context and OpenPype settings.
 
     Subst name templates are defined in `project_settings/global/tools/creator
-    /subset_name_profiles` where are profiles with host name, family, task name
-    and task type filters. If context does not match any profile then
-    `DEFAULT_SUBSET_TEMPLATE` is used as default template.
+    /product_name_profiles` where are profiles with host name, family,
+    task name and task type filters. If context does not match any profile
+    then `DEFAULT_SUBSET_TEMPLATE` is used as default template.
 
     That's main reason why so many arguments are required to calculate subset
     name.
diff --git a/client/ayon_core/settings/ayon_settings.py b/client/ayon_core/settings/ayon_settings.py
index 9c8deecab0..43bf8ca471 100644
--- a/client/ayon_core/settings/ayon_settings.py
+++ b/client/ayon_core/settings/ayon_settings.py
@@ -442,26 +442,7 @@ def _convert_global_project_settings(ayon_settings, output, default_settings):
     # Tools settings
     ayon_tools = ayon_core["tools"]
     ayon_create_tool = ayon_tools["creator"]
-    if "product_name_profiles" in ayon_create_tool:
-        product_name_profiles = ayon_create_tool.pop("product_name_profiles")
-        for profile in product_name_profiles:
-            profile["families"] = profile.pop("product_types")
-        ayon_create_tool["subset_name_profiles"] = product_name_profiles
 
-    for profile in ayon_create_tool["subset_name_profiles"]:
-        template = profile["template"]
-        profile["template"] = (
-            template
-            .replace("{task[name]}", "{task}")
-            .replace("{Task[name]}", "{Task}")
-            .replace("{TASK[NAME]}", "{TASK}")
-            .replace("{product[type]}", "{family}")
-            .replace("{Product[type]}", "{Family}")
-            .replace("{PRODUCT[TYPE]}", "{FAMILY}")
-            .replace("{folder[name]}", "{asset}")
-            .replace("{Folder[name]}", "{Asset}")
-            .replace("{FOLDER[NAME]}", "{ASSET}")
-        )
 
     product_smart_select_key = "families_smart_select"
     if "product_types_smart_select" in ayon_create_tool: