In Parsoid, language variants are implemented as a HTML -> HTML conversion that is exposed via the Parsoid REST API. This functionality requires Parsoid HTML as input, but is otherwise largely independent of core Parsoid or core MediaWiki functionality.
This will shrink the core Parsoid codebase and also shave off some code from MediaWiki core. This can also let language implementers maintain existing converters and implement new ones in the future without having to muck around with parsing code. This conversion is likely going to be a purely compute-bound activity and can also benefit from javascript performance.
Parsoid language variants code is already in a separate repository and is currently pulled into parsoid as a npm module, so that part of separating the codebases has already been done.
I am throwing this out as an idea at this time and we may not be able to make this decision before we finish our Parsoid port to PHP, but we should nevertheless engage with this as something worth doing.