Hello ti319e**,
Yes, Unreal Engine does support localization, however this is currently a manual operation which will require some set up. There is some helpful steps on how to get started with localizing your project assets and text on the Unreal Documentation page.
Localization Set Up
https://docs.unrealengine.com/latest/INT/Gameplay/Localization/Setup/index.html
Localization General
Let me know if you found this helpful, or if you need further assistance.
Thank you,