Honestly, if your not going to alter the value of isRadioOn after it's been evaluated,
I would go with the function method - I don't think there is much of a difference
BONUS - this is my preference so is neither right or wrong, but I tend to use arrow functions, especially if dealing with outer context
However!
You might need to consider if using the value multiple times in your code block - therefore another run off the function methods, might yield an updated output
I generally don't use it if the ternary version is longer than a standard if
There is an occasional exception though. When wanting to use a const assignment, you can't do that inside an if block if you want the const outside the block. So if you don't want to use let instead, then a ternary is still useful.