Sorry, a mistake on my part. It does not. However, there is a way to emulate this. Apply this script to your radio. It has not been tested, but it should work.
;Artificial Intelligence Script
;Header
desc = Emulates 3D sound
;Triggers
:state=0:musicoverride=YOUR MUSIC FILE HERE,musicvolume=50,state=1
:state=1,plrdistwithin=25:musicvolume=65
:state=1,plrdistwithin=50:musicvolume=60
:state=1,plrdistwithin=75:musicvolume=55
:state=1,plrdistwithin=100:musicvolume=50
:state=1,plrdistwithin=125:musicvolume=45
:state=1,plrdistwithin=150:musicvolume=40
:state=1,plrdistwithin=175:musicvolume=35
:state=1,plrdistwithin=225:musicvolume=30
:state=1,plrdistfurther=225:musicvolume=0
;End of Script
C++ is labourless... if your name starts with 'L' and ends with 'ee'.