Well, since they're both English, I don't think that approach will work.
You need to make some changes to the source code.
In your module, in the file module_dir/Model/Config.php:
<?php
namespace Vendor\Module\Model;
class Config extends \Magento\Catalog\Model\Config
{
/**
* Retrieve Attributes Used for Sort by as array
* key = code, value = name
*
* @return array
*/
public function getAttributeUsedForSortByArray()
{
$options = ['position' => __('New')];
foreach ($this->getAttributesUsedForSortBy() as $attribute) {
/* @var $attribute \Magento\Eav\Model\Entity\Attribute\AbstractAttribute */
$options[$attribute->getAttributeCode()] = $attribute->getStoreLabel();
}
return $options;
}
}
And in your di.xml add the following line:
<preference for="Magento\Catalog\Model\Config" type="Vendor\Module\Model\Config" />