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It's definitely possible to find a lot of Western food items in Taiwan's supermarkets. We have a few big chains such as Carrefour, Costco, Matsusei, and Wellcome which carry a variety of Western products such as pasta, sauces, and flour. The only downside is that the majority of these products aren't stocked regularly, so one day something you find might be there and the next time you need it, it might not. The best thing to do is to buy in bulk and stock up on the things you really use when you cook.
As far as Taiwanese food products, unfortunately most do not have English/Chinese translations. However, the nutritional information labels are the same as most other countries so with a little creative memorization, you can certainly learn the amount of calories, sugars, and proteins in a product. As far as ingredients, you can always ask a Taiwanese friend to translate any new product you want to try before you buy. Hope that answers your questions!