I tried reproducing this with a component in a blueprint class (included a Print String as a control case just to make sure the translation was working) but this is what I’m seeing:
Of course, it’s not showing the actual characters due to using the default font but it does show that the translation is coming through as it should be normally saying “This is English”. Could you provide screenshots of exactly how you’re setting this blueprint up, as well as your other localization settings such as “Localizations to Package” and “Internationalization Support” under Project Settings > Packaging?