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).
Hi all - this is not a priority in the immediate term as there are a number of 3rd-party solutions (e.g. Weglot) that allow customers to create multi-language experiences on their sites, but it’s definitely something we plan to build the right way within Webflow in the future.