Translated terms are now stored with the native term.

Translations for product name are now stored directly in the name field. 

Any field that is translatable now stores JSON data representing all translations of all translated language values.

The process to translate has not changed. You can still export and import terms. 

You just can't see a Menu with all of them shown in a list. They aren't stored that way any more 

See also https://www.odoo.com/documentation/16.0/developer/howtos/translations.html

I think it is not available in Odoo 16.

How supposed to be improved or localized, for example, in online clients?