Dynamic scenery: no
AI traffic: yes
You'll need to change the AI traffic flightplans to make use of your new aircraft.
For that you need a tool called TTools which is available from Avsim and elsewhere.
Read the manual that comes with that carefully before proceeding.
There is a similar tool in the FS2002 SDK that you can also use (but which is used far less widely, mainly because it became available several months later).
I wish I were flying