No, it is not possible to have a different Front or Post page for each language at the moment. This is because of how WordPress stores settings in its database, which affects WPML’s functionality.
Why can’t I have different Front or Post pages for each language?
You can’t have different Front or Post pages for each language because WordPress uses a single database entry for these settings, and WPML assigns those settings to all languages.
What happens to my default language page if I delete translations?
Deleting the original page or its translation from the A static page (select below) option will reset the front-page back to Your latest posts.