This thread is resolved. Here is a description of the problem and solution.
Problem: Is there a possibility to show abbreviations like PL ENG instead of flags?
Solution: - Go to WPML >> Languages >> Edit Languages - Add PL/ENG in Translation textboxes as in attached screenshot. - Then Edit language switcher by pressing pencil icon from WPML >> Languages >> Menu language switcher and select similar options as in attached screenshot. So, it will display flag and short name.
Relevant Documentation: https://wpml.org/documentation/support/editing-wpmls-languages-table/
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