There are plans to show video (advertising I assume) and much more, from what was said early on, so I think the software will evolve. While that can mean new bugs and problems, the system is clearly more advanced than a simple dot-matrix LED display and has a lot of potential we're yet to enjoy.
As for 5G, as someone who is looking at this and hearing from the likes of Qualcomm, Huawei and others, I can say that it's a good 5-6 years away and there's no confirmed standard yet. For all intents and purposes, it's really just another air interface as 4G is already fully IP based and so will 5G be. In fact, really there's no 5G or 6G going forward - just better and more efficient ways to manage more capacity.
EE is trialling 1Gb/s over 4G near Borehamwood right now, and there's scope for even faster speeds. That's 1000Mbs, potentially in both directions, which is insane given what most people probably have at home, or even at most offices. 4.5G will have lower latency, needed for things like autonomous vehicles, so the future is pretty much already here - it's just the cost of upgrading sites, running faster backhaul connections, offering compatible devices, oh, and working out how much to charge.
Back to the 700s. Even 2G would be fine for routine status updates, changes of stopping patterns, special alerts. If a train was to download video adverts or, say, BBC News headlines (like HEX) then 4G would likely be needed, but I wonder if it would be more likely that such things would be downloaded when a train was at a terminus or something, over Wi-Fi?