Yes, the M5000 supports SMPTE. It is able to read timecode from the SMPTE jack socket on the real panel.
Using timecode it is possible to record and playback program changes at a certain time (set in the SMPTE menu). Actually you're recording program changes against timecode. You let the timecode run and at the time you want a program change to happen you just recall that preset. A list is put together and when you put the M5000 in play mode, the program changes will be recalled against timecode.
You can´t do real parameter changes against timecode, omly recall presets against timecode. What you can do is edit the time where the program change has to occur in a cue list, to put it at an exact timecode value.