From what I understand, all versions have the same games and can have the menu language in English or Japanese. All versions have the US NES Double Dragon Trilogy, Crash N the Boys, Super Dodge Ball, River City Ransom and Renegade. Those games are the same no matter what. They all also have 11 Famicom games. In the Japanese/ Asian version, these are in Japanese, as expected. Now for the American version, which is digital only and called "Double Dragon and Kunio Kun: Retro Brawler Bundle", they actually went all out and created new translations for all 11 Famicom games, even if they already had an NES version.
But I'm pretty sure you have to buy both versions if you want the Japanese and translated versions, much like Spellunker Party and Collection of Mana.