Thank you for contacting the support forum.
Before your ticket is assigned to one of my colleagues, please allow me to walk you through some initial debugging steps. This will help speed up the support process.
The setting in WPML for Page URL creation does not affect the product translation.
It is from WooCommerce Multilingual and slug field as always visible. However, you don't need to put the value there, you can skip that field and translate other fields. WooCommerce multilingual automatically fill the slug fields based on the title entered by you.
How are you creating the translation? Which editor are you using?
Here is a screencast from my test system that shows how ignoring the slug field and only translating the product title allows the system to use the title as the slug.
I am using the new wpm translation editor where it is not working. It is already pre-filled with the original slug and won't let you to leave it empty. You have to fix this.
Now that I switched to the classic wpml translator it works.
I see. you are given the chance to translate the slug there and, yes, you are not able to complete the translation if there are any "blanks".
I am not sure if this is something that will be "fixed" but I will bring it to the attention of the development team.
I understand, for now, that overwriting the slug with the translated post title in the ATE is not a workable solution for you and that you will instead use the CTE. Is this correct?