How to print the paragraph field translation value in twig template
Normally it's a better idea to process (or even better let Drupal process) the field values in PHP.
If there is no other way you can use Twig Tweak and its newly added entity translation filter:
{% set entity = item.entity|translation %}
{{ entity.field_award.value }}

See https://git.drupalcode.org/project/twig_tweak/-/blob/3.x/docs/cheat-sheet.md#entity-translation