SELECT 
  IF(
    cscart_ult_language_values.value IS NULL, 
    lang.value, cscart_ult_language_values.value
  ) as value 
FROM 
  cscart_language_values lang 
  LEFT JOIN cscart_ult_language_values ON cscart_ult_language_values.name = lang.name 
  AND company_id = 1 
  AND cscart_ult_language_values.lang_code = lang.lang_code 
WHERE 
  lang.lang_code = 'fr' 
  AND lang.name = 'state_field_required_only_for_countries_with_regions'

Query time 0.00033

JSON explain

{
  "query_block": {
    "select_id": 1,
    "const_condition": "1",
    "nested_loop": [
      {
        "table": {
          "table_name": "lang",
          "access_type": "const",
          "possible_keys": ["PRIMARY"],
          "key": "PRIMARY",
          "key_length": "392",
          "used_key_parts": ["lang_code", "name"],
          "ref": ["const", "const"],
          "rows": 1,
          "filtered": 100
        }
      },
      {
        "table": {
          "table_name": "cscart_ult_language_values",
          "access_type": "const",
          "possible_keys": ["PRIMARY"],
          "key": "PRIMARY",
          "key_length": "396",
          "used_key_parts": ["lang_code", "name", "company_id"],
          "ref": ["const", "const", "const"],
          "rows": 1,
          "filtered": 100,
          "unique_row_not_found": true
        }
      }
    ]
  }
}