Yes, “language” is an old option that WordPress used to have. As a deprecated option, it will be deleted on an upgrade.
There are many such options, so it is advisable to not use those names. The full list can be found in /wp-admin/includes/schema.php, in the populate_options() function. Look for $unusedoptions
.
In general, it is always a good idea to prefix the names of things with something unique, to avoid conflicts.