Background of the issue:
I have installed WPML on our Avada WordPress site (hidden link) and completed translating the site's contents into Spanish.
All of the site's menu links have been updated to their Spanish equivalents on the translated pages, however neither the internal content links (i.e. hidden link) nor the internal blog post links (i.e. hidden link) are pointing to the translated pages.
I have run Translate Link Targets several times without resolving this issue.
I was able to resolve this issue by going to the Advanced Translation Editor > Settings and selecting "Show All Links" for "Which types of links should appear in the editor?".