Wait for Kirwyn's tutorial. It's supposed to be ready soon. He's managed to do some nice animation with dynamic hair. You do have to watch your resources. The P5 hairstyles that come with P5 are way too high-res. There's no need for them to be that high-res, really. Few polys in the skullcap, fewer vertices in the strands, and it would look just as good.

So I guess I'd say...no, P5 cannot animate complex hair. But you may not need hair as complex as you think.