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Can anyone please advise whether VS11.5+ has the funtionalities for authoring DVD of a home-made video clip with multi-language and multi-subtitles features as you would usually have in a commercial movie DVD??

No you can only have one sub title and one audio track with Video/Studio.
Even then it is not a true sub title track that can be turned on/off with the DVD remote but utilises the title track and the text is permanently turned "on".

If you have MovieFactory then you can create sub titles in VideoStudio and import them into MovieFactory which will then enable you to turn them on/off with the DVD remote.

Create Subtitles with VS11+ for use in MF6+ (Video)

Thanks...How about multi-language (audio tracks)? Could you please suggest which other Ulead software has this capabilities.

The only software from the former Ulead Range - now a part of Corel that does this is DVD Workshop 2 - it is however one of the programs that is not being developed further though it still remains one of my favourites and I author most of my DVD's with it.

I also use DVD Workshop. When I get to the point where I need to update/upgrade, I'm going to look into DVD Lab ($100 to $300 USD).

It looks like a good program to use along with Video Studio.