There are changes introduced to radio feature and as a result it seems there are two separate ways to get a radio station for albums, artists and songs. It's quite confusing.
When you click three dots on any artist, song or album and hit 'Go to artist/song/album radio' in the context menu, you'll be brought to something like this: Notice how it says 'Playlist' above the title.
Autoplay will continue playback after the list ends, but this is, in my opinion, not supposed to be replacing the radio feature.
Real radio station, which can be created by going to Radio menu on left-hand bar on desktop (Station in Your Library on mobile), hitting 'Create New Station' button, typing in the name of song/artist/album and clicking on the result) looks like this: Notice how it says 'album radio'. There is also no definite number of tracks.
In conclusion, creating a Radio (e.g on a song) will yield two different results - a playlist and a radio station based on the song.
I find Spotify should consider creating a radio station in both cases to avoid confusion.