I wrote my flippant answer in a hurry and assumed some other posters would pitch in!

It depends a bit which type of train you are on - local trains, underground/metro, or bullet train (THSR).

In general they are Japanese influenced. Signs are of a similar sort and alternate between English and Chinese. Often the multi-coloured LED dotmatrix sort as per your picture. Trains (except metro) have "numbers" (they always seem to be 4 digits long) - don't confuse this with the departure time! They are usually in the first column.

Signs on the "back wall" of a normal train platform typically show the station name in Chinese and English and show the previous and next station in smaller characters. THSR/metro stations don't do this, though they have other diagrams that make it easy to work out where the line is going/coming from.

Honestly it's all pretty clear. Taipei Metro stations have "female waiting areas" (which I find patronising/insulting, but that's a culture thing I suppose). Taiwan is pretty safe, I wouldn't worry unduly.

One complication is that Taiwan uses different systems for writing Chinese in English. Also there can be careless errors. It's getting better now, but especially with older stations it's not unusual to see a station name spelt differently on the platform from a map. I lived in Taipei suburbia for a while. The place I lived in was variously written Chungho, Zhonghe, Jhonghe, Chung Ho, Zhong He, etc etc. A lot of politics behind this - pity really when it's designed to help foreigners!

In my experience, English is more widely spoken in Taiwan than Japan. In particular, THSR staff often speak English and are sometimes pro-actively keen to help. If you speak Japanese bear in mind that some Taiwanese speak this too, particularly older people.