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 = 56 
  AND cscart_ult_language_values.lang_code = lang.lang_code 
WHERE 
  lang.lang_code = 'en' 
  AND lang.name = 'state_field_required_only_for_countries_with_regions'

Query time 0.00035

JSON explain

{
  "query_block": {
    "select_id": 1,
    "cost_info": {
      "query_cost": "1.00"
    },
    "nested_loop": [
      {
        "table": {
          "table_name": "lang",
          "access_type": "const",
          "possible_keys": [
            "PRIMARY"
          ],
          "key": "PRIMARY",
          "used_key_parts": [
            "lang_code",
            "name"
          ],
          "key_length": "392",
          "ref": [
            "const",
            "const"
          ],
          "rows_examined_per_scan": 1,
          "rows_produced_per_join": 1,
          "filtered": "100.00",
          "cost_info": {
            "read_cost": "0.00",
            "eval_cost": "0.10",
            "prefix_cost": "0.00",
            "data_read_per_join": "408"
          },
          "used_columns": [
            "lang_code",
            "name",
            "value"
          ]
        }
      },
      {
        "table": {
          "table_name": "cscart_ult_language_values",
          "access_type": "const",
          "possible_keys": [
            "PRIMARY"
          ],
          "key": "PRIMARY",
          "used_key_parts": [
            "lang_code",
            "name",
            "company_id"
          ],
          "key_length": "396",
          "ref": [
            "const",
            "const",
            "const"
          ],
          "rows_examined_per_scan": 0,
          "rows_produced_per_join": 1,
          "filtered": "0.00",
          "unique_row_not_found": true,
          "cost_info": {
            "read_cost": "0.00",
            "eval_cost": "0.10",
            "prefix_cost": "0.00",
            "data_read_per_join": "408"
          },
          "used_columns": [
            "lang_code",
            "name",
            "value",
            "company_id"
          ]
        }
      }
    ]
  }
}