Yes it can. It is called KOP (German: Kontaktplan) or LAD (English: Ladder).
But not all S5 code can be displayed as KOP/LAD. Some code will display as FUP/FBD, some will only display as AWL/STL.
One of the limits is simply how many contacts is connected in series. If a rung cannot fit on the screen it will be displayed in AWL/STL.
Anyhow, it does not depend on the CPU.
Dont remember how to change to KOP/LAD in STEP5, but its there somewhere.