Yes – it can translate all your product names, descriptions all text etc – you can have images specific to each language too – just add a caption in squarespace and type [english] in the caption or [french] (or whatever language) and that image will only be displayed for users using that language. The only part not translatable is the final checkout pages – it’s impossible for any script to do so for security reasons – on your checkout the products will have both product names in both languages displayed to the user. (or all languages)