I do not think it's a big bug, but it's always good to report.
I have noticed that if you use $insongSOMETHING, mIRC will interpret as $insong, even if there is an alias $insongSOMETHING.
This also occurs with the identifiers $inmp3, $inmidi and $inwave.
Example:
//echo -a $insong $inmp3 $inmidi $inwave
//echo -a $insongbug $inmp3bug $inmidibug $inwavebug
The first and second line commands will return the same thing, even if there are no aliases $insongbug, $inmp3bug, $imidibug, and $inwavebug.
The worst case occurs when aliases exist because mIRC can not return them, but returns the $insong $inmp3 $inmidi and $inwave instead of the $insongbug, $inmp3bug, $inmidibug, and $inwavebug aliases.