Hello everyone, since it will be easier for me to explain with a screenshot, I have added the screenshots.
what is the translation in the model field for?
Hello ,
On whichever field this translatable icon (shown below) is displayed means that field is translatable.
Here translatable means it will show that value in user selected language.
We can specify the translated value for different language from the dialogue box shown in your image
And we can view all the available translations from following view which can be open from menu Administration > View management > All translation.
So in your case, Label in Model field is translatable, means we can specify the translation for model field label in different language and that label for that field on any view will be displayed in user language.
Hope this will help.
Feel free for further details if required.
Please convey your feedback.
Thank you.