If you love the field Rad Onc above all other options in medicine...meaning you love the science behind, process of, and relationship developed by giving patients radiation for their cancer, then it wont matter what the state of the field is at some point in time or how much you get paid for doing so. If the specialty itself is what interests you, then by all means go for it. Use your M2, M3 and M4 to explore this field more to be able to make that assessment, or something approaching it to the greatest extent possible.
Most Radiation Oncologists are happy and satisfied with their career choices, as there is a lot that is great about this field. But it's nevertheless true that the statistics and logistics of the employment market in Rad Onc are increasingly strained, and the specialty is still difficult to match into despite the expanding number of residency positions. Again, if Rad Onc truly turns out to be your passion, then you will be happy in regardless of the environment you find yourself in as a residency and eventual job applicant. Please don't have your first point of assessment of any field of medicine be the lifestyle/compensation aspect of it. I'm not quixotic in this regard; those things are important points of consideration to be sure, but what actual aspects of medicine interest you should be your first and major concern at this juncture.