Each page and CMS entry is translatable. When creating fields for a Collection, mark whether that field is translatable (some fields won't need translation, like references to other collections, price fields, etc).
An option for Links should be added to choose a language (in addition to external links, pages within the site, etc).
We recognize that multi-language functionality is very important and will allow everyone to create inclusive language experiences on their sites. It’s definitely something we plan to build the right way within Webflow.
Please continue to give us feedback. We're listening to how such a feature could enable you build multi-language sites.