If it's anything like the previous generation of Pixel Buds, then the real-time translation comes with a bit of a caveat.
It's the same as using Google Translate in conversation mode, but without needing a phone to understand what the other person is saying. For two-way communication you do still need your phone though, because that will display the translation of what you just said back to the person you're speaking to.
It's still pretty cool, but it's not the futuristic technology it makes it out to be.