Not natively! I'm currently using it on a game which is localized to two languages. The way I'm doing it is by using a folder for each language, each containing the exact same file names. The code will then reference the correct files depending on the language the game is set to. The file structure looks like this
dramas
|-pt
||-cutscene1.gdrama <- Written in portuguese
||-cutscene2.gdrama <- Written in portuguese
|-en
|-cutscene1.gdrama <- Written in english
|-cutscene2.gdrama <- Written in english
I'd like to add a proper localization system eventually, as this makes it pretty hard to work with external localizers. It's working for my use case tho!