The feature to serve translated content has not been implemented yet.
But to address the question properly – our team has had discussions about this before and I honestly don’t think we need to worry about adverse effects. In fact our feature would actually improve international site traffic if we’re talking about Google specifically.
Using Reddit as an example today, let’s say you’re a Spanish reader searching for espresso machines on reddit:
The first result is a machine-translated post on reddit, its URL being https://www.reddit.com/r/espresso/comments/1fbwbun/most_vfm_entry_espresso_machine/?tl=es-es (note the tl language query parameter). As most reddit users will know, searching for content in their language may now lead to seeing machine translations done by the Google API themselves (Reddit and Google have a huge collab). These folks did some research as well and I trust their content – AI-Generated Content Does Not Hurt Your Google Rankings (600,000 Pages Analyzed).
So, Google is taking your original content and machine-translating it themselves, potentially taking traffic away from your site. The blog post from the same folks here (Google Is Stealing Your International Search Traffic With Automated Translations) does a good walkthrough on how this might be happening, and makes the recommendation that you should translate your content yourself. With the localization feature we have, you can start localizing your content (whether through AI or manually), with the added benefit of ensuring your translated topics are at a quality you desire.