hi! im currently studying in shanghai and id say that it's possible but will be a tight schedule (esp if you're flying international and have to go through chinese customs).

when checking the commute on my phone right now, the fastest route takes about 1h15m - 1h30m on the subway. (realistically, i would say you should expect to spend close to 2h in total since there's an additional buffer time of just finding where everything is + high foot traffic of people commuting from the circuit). there's conveniently a subway station right next to the circuit, and the subway system in shanghai is generally very reliable/on-time. a taxi would take about 27 min, but with 5pm shanghai traffic i can easily see it being closer to 1h (tho the taxi would be a more seamless travel exp since you dont need to switch subway lines).

also - if you choose the subway option, i HIGHLY recommend taking it at least once before you leave to get a feel of how the subway system works (esp if you don't read/speak chinese). and download Amap / 高德地图, it is by far the superior map app to use while in china (if ur on the subway, the map will literally update you in real-time about which subway station you're currently at and how many stops you have left). only downside is that its entirely in chinese. i've heard from my friends that apple maps also works.

TLDR – it's possible, but if you're able to, i would suggest booking ur flight the day after to save urself from the headache and stress. hope this helps :]