Yes. After adding a language to your store, a language-aware URL is generated automatically. For example, the URL to a French translation site would be shop.com/fr.
The "hreflang" HTML meta tags are also added to the store website, so they are indexed properly with search engines (Google, Bing, etc), making the translated storefronts more discoverable for individuals in other languages.
Translate My Store App is compatible with all major SEO apps.