As far as I can say, both scripted radio events (that you can hear through your radio together with broadcasted music) and scripted textual messages (reported by the radio operator), work as supposed, but IIRC they have a slightly different format in SH5 than they had in SHIII and IV.
Most radio mods have been converted for SH5. If need be, one might as well use the SHIII-IV versions, but with some tweaks in their cfg/ini files.