If you feel it's an "enhancement bug" (which isn't a bug, but those trackers don't have any option to include other things besides bugs), then it is a feature request for that forum.
As to whether or not you feel it should be fixed, that doesn't make it wrong. I'm sure you could find a lot of things that you personally would like to be different in mIRC that have no option to change. And there will be others who disagree with you and feel that it shouldn't be changed. It's all a matter of preference and as such, it's up to Khaled whether or not he thinks there is any reason to change it.
Personally, having an on-top setting for it doesn't sound to me like something worth spending time on. It's extremely minor. And you can easily get around it by using a scripted log viewer and sticking as many features and options into it as you want to. It's not very difficult to script a log viewer and there are likely a few out there already that are good.
That said, the current log viewer is a new addition and new additions are often fleshed out over time. Additional options or features may eventually be added to it. That's what the feature request forum is for. It lets Khaled know what features you'd like added and then he decides from there what he wants to add and when he wants to add them.
The reason there is discussion here about why something isn't a bug is because clogging a bug forum with feature requests has 2 noticeable problems. First, it makes it more difficult to find actual bugs that need to be fixed. Second, when Khaled is looking for features to add, he won't be looking in this forum for those features and they can be missed. Too often, people misuse the term BUG because of a false understanding of what it is. Quite simply, a bug when related to software is something that is not working as intended by the software developer. If it was intended, then it's not a bug regardless of whether or not it's a good thing or a bad thing. If there was an option to disable the on-top setting and it didn't work, *then* it would be a bug. Because it wasn't put in there, that means it's working as intended and any request to change how it works should be in the feature request forum, where it will be seen.