Yes, emmissions would typically peak when the wifi or cellular radio are in active use (and when the speaker is also in active use) - but it would be be so for either voice or data transmissions.
So, you would presumably have the lowest possible emissions if the device was in airplane mode, with both wifi and cellular radios powered off.
I have no idea what the emissions of the camera chip would be while in use, but yes, I'd suspect they would be less than the wifi or cellular radios would be.
However, remember that emissions drop as the square of distance from the emitter, so holding the phone up and away from the body for use as a camera, even with wifi on, is likely only a very small exposure (e.g. hold the device ten times further away from you, and the emissions drop by a factor of 100). The perceived risk of emissions, if there actually are any, comes from people who have their device in active use, glued to their ear, for many hours of the day.
Simply using a cabled headset and keeping the device in a pocket massively reduces the actual exposure to the user as well, just by not having the phone's earpiece right against your ear (or using speaker phone and keeping the phone a couple of feet from you).
As just a camera though - turn on airplane mode, and that's about as much as you can do to reduce emissions, and it should reduce them quite a bit. And the iphone 5 does have a better camera then the 4, and can run a newer iOS than the 4 as well.