It works wonderfully and it's pretty easy (your language must be supported by the game, you can check that on the store page).
Guide To Change The Language
Steps
Close steam completely.Go to Steam > SteamApps (if you have games in several Drives go to the drive you installed Red Dead Online).Look for "appmanifest_1404210.acf", and save it somewhere (you have to move the file just in case you can't edit it directly from the steam folder, remember to copy it back after editing it).Open it using a .txt editor (notepad).On the bottom line (next to "language") you will see "english" . Instead of english you have to write the language you want to play the game with (for example: "spanish" "deutsh" "french" "latam" and same for the other supported languages).Open steam again and launch the game.
Note: You can find the list of supported languagues below.
List Of Languages- "spanish"
- "latam"
- "deutsh"
- "french"
- "russian"
- "italian"
- "japanese"
- "chinese"
- "korean"
- "portuguese"
- "polski"
Source: https://gameplay.tips/guides/9036-red-dead-online.html
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