Yes, you can pause a v5- but the feature is kinda hidden, unfortunately.
The travel show replaces the pause! After you select it, choose "GO!" and a little animated screensaver thingy will appear. When you're ready to unpause, press C and then choose "YES" when you are prompted and then "YES" again.
On the Japanese Famitama, the travel show costs 500G. Apparently it replaces the robot butler or whatever it's called on the Entama and Uratama.