Unfortunately, no, it does not work like that. In your screenshot, you can see it is already loading language from the units on the Unit Browser. On the game version 1.24, there is only one language inside your game installation, so there is not an option to choose a different language from within that game installation.
For the Retera Model Studio application itself (not the Warcraft Data) there are English Language buttons and titles. These features have no translation that I know of. I heard a rumor one time that someone was trying to make a translation of Retera Model Studio a few years ago, but at the time that he was making the translation I was very busy and I did not help him, so he might have given up.