No, the values are displayed in the language the site is currently set to. This is done via the translation files. I suggest to use the language flag option as those should be clear in any language.
If you have chosen German for your site language then the selector should be translated to German. But if you have the http select language chosen the site will be in the prefered language of the person browsing. (Of course, some browsers may not be properly configured to select the local language and may default to English.)
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