The $mouse.key value is being updated correctly here. In previous versions of mIRC, the hotlink event was triggered when the right mouse button was pressed, so scripters were testing for $mouse.key to detect a right click. In newer versions of mIRC, popup menu support was added to hotlinks and, in line with normal Windows behaviour, the hotlink event is now triggered when the right mouse button is released. So scripts that test for $mouse.key will correctly see that the right mouse button is not pressed.
For backwards compatibility, one possible solution would be to make $mouse.key report that the right mouse is pressed in this particular "rclick" hotlink context, even though it is not. If anyone thinks this could be a problem, let me know. Otherwise I will implement it for the next version.