It seems that Page Previews renders the "<translate>" tag in the preview when the destination page has it. It shouldn't be displayed.
# go to https://meta.wikimedia.org/wiki/Technical_Collaboration
# hover over the "Developer Relations" link pointing to https://meta.wikimedia.org/wiki/Developer_Relations
# hover over "Community Engagement", which points to https://meta.wikimedia.org/wiki/Community_Engagement
# hover over "Volunteer Supporters Network", which points to https://meta.wikimedia.org/wiki/Volunteer_Supporters_Network
In that page, there is also the link "Improve collaboration with communities in product development", which is a more complex case because anchors and HTML are involved in the destination page: https://meta.wikimedia.org/wiki/Wikimedia_Foundation_Annual_Plan/2016-2017/Final#Program_7:_Improve_collaboration_with_communities_in_product_development