More or less. The file with all the code and the Spanish text will be 0.11B (I'll drop the ES because it's not needed now since there isn't a EN version)
The English_TL will have this format
Python:
# game/script.rpy:95
translate piglatin start_636ae3f5:
# e "Texto en Español/Spanish text for line 95 in 0.11B"
e "English text for line 95"
# game/script.rpy:99
translate piglatin start_bd1ad9e1:
# e "Texto en Español/Spanish Text for line 99 in 0.11B"
e "English text for line 99"
# game/script.rpy:101
translate piglatin start_9e949aac:
# e "Texto en Español/Spanish Text for line 101 in 0.11B"
e "English text for line 101"
And so on.
All the orange lines can be technically deleted since the # symbol comments it and they don't execute, but they usually are left there for comparison purposes.
My usual work method for translation until now is:
a.- Once I have the first scene ready in Spanish, after testing it, I copy 011BES to 011BEN
b.- I translate the text there (the code is also copied in step a.)
c.- When I have a new scene ready in Spanish, after testing it, I copy that scene code block from 011BES to 011BEN
d.- Translate the new text added in the new code block
e.- When all is ready, I export to Word the whole English dialogue, proofread it, send it to the proofreaders and manually copy their corrections to the original file.
The new work method will be:
a.- Export the dialogue to create translations
b.- Translate directly in the file created by Ren'py
c.- Send the English_TL file to the proofreaders
As you see the translation and proofread process is much more streamlined with the new system.