Can I create a radio station that other apple music subscribers can listen to?

This reply differentiates the Apple Music service from the Apple Music app.

Not entirely sure where the music involved here is being hosted, based on your question; whether the content is hosted at Apple as part of Apple Music service, or is hosted on and served from your own internet radio service.

Internet radio is separate from and separately-accessed from the Apple Music streaming service.

If you have playlists of music already published and available within Apple Music service, those can be shared with other Apple Music service subscribers.

The Apple Music apps on macOS, iOS, and iPadOS can access internet radio.

If you're considering hosting this music yourself with your own internet radio service, then you'll have to address the licensing and media copyrights as part of this proposed service. Much of the music in the 20th century is not yet public domain.

If the music is available in Apple Music service, subscribers can publish their own playlists. Those playlists will remain available for as long as you continue to publish them, and while you continue to subscribe to the Apple Music service.

If the music is not available in Apple Music service, then you will have to work with the rights-holders, or with services already with rights to stream the music.

The SongShift app contends with transferring playlists around, and seemingly with finding near-replacements or different versions of the music, where the originals from the source playlist are not available in the music library at the destination music service.

How to make a playlist in the Apple Music app - Apple Support

Share music from Apple Music on the web - Apple Support