But you have Serbian Cyrilic. Can I just choose Serbian Latin for latinization?
In case I need to set up custom language - do I need to translate all the strings for website and WooCommerce? This is something I have translated for english and russian from WPML.
Unfortunately, it's not possible to transliterate from Cyrillic to Latin in WPML directly.
You might try something like this plugin https://wordpress.org/plugins/serbian-transliteration/ but I'm not sure how it works with our translations.
In case you've added the Latin Serbian as a custom language, you'll need to add the translation for any string that is already translated to the other languages.
Please also note that you won't be able to use the automatic translation with this language because it's not supported by any of the translation engines hidden link
The URLs of your site are getting the language part from the value of the Code field. For example, http://wpml.org/es-mx/, http://wpml.org/?lang=es-mx. It's the name for this language in the database. Once you set this value and add content, you should never change it, or the language content will be lost.
This value cannot be changed, so for example, If you want to have the Chinese language with 'cn' as the code instead of 'zh-hans' you will need to create a new custom language.