Can I organise my favorite radios in different playlists or folders?

To organize your favorites station to folder, follow the steps below:-

Open the Radio FM app.
Go to the Library section.
Click on the three dots present against your favorite station.
Click on the "Add to Folder" option or you can also create "New Folder".
Select the Folder in which you want to add your station.

Now you can directly listen to your favorite station playlist from your folder.