From IKhitron:
Localized magic words are highlighted as templates. Example: {{DEFAULTSORT:AAA}} vs {{מיון רגיל:AAA}}.
The English version is dark red, the translated versions are purple.
You can see it here: https://he.wikipedia.beta.wmflabs.org/w/index.php?title=%D7%99%D7%A4%D7%94_%D7%AA%D7%95%D7%A1%D7%99%D7%94_%D7%9B%D7%94%D7%9F&action=edit
The list of localized parser functions, can be retrieved with mw.config.get('extCodeMirrorConfig'); (look in functionSynonyms[0] and functionSynonyms[1]).
Translated magic words work fine in German and Dutch. Probably an RTL issue.