According to the plain language of the regulation, no. According to the section you cite, you are only required to translate information "required by or under the authority of the act". That means that non-required information need not be translated. The reference to words seems to be about required words, such as legally-mandated warnings, etc. According to 21 CFR s 700.3(a), "The term
act means the Federal Food, Drug, and Cosmetic Act."
I'm also inclined to say that the substance of this part is that you can't skirt the rules by printing something required under the act in only one of the languages you use, thereby precluding some of the intended users from understanding it adequately.
I would simply ensure that the information in both languages meets the requirements of the act when read alone and without the other language version. I imagine you've already done that. That said, it might be easiest to meet this requirement by translating directly from the original language to the second.
Don't let yourself get stressed out by overzealous people who tell you transliterate every word.
I think that suggestion comes from a failure to understand the spirit of the rule.