Sahil,

Something like this should take care of what you're after.

$(document).ready(function () {
  $('[attr="Language"]').on('change', 'input', changeLanguage);

  function changeLanguage(event) {
    var language = event.target.value;
    switch(language) {
      case "English":
        $($('#q137 label')[1]).text("English Text 1");
        $($('#q137 label')[2]).text("English Text 2");
        $($('#q137 label')[3]).text("English Text 3");
        break;
      case "Français":
        $($('#q137 label')[1]).text("French Text 1");
        $($('#q137 label')[2]).text("French Text 2");
        $($('#q137 label')[3]).text("French Text 3");
        break;
      case "Deutsch":
        $($('#q137 label')[1]).text("German Text 1");
        $($('#q137 label')[2]).text("German Text 2");
        $($('#q137 label')[3]).text("German Text 3");
        break;
    }
  }
});
        

The case statements would need to match the values of your language field.

You can add or remove cases and the number of different radio button options as needed.

Edit: Corrected a grammar error.