I've wanted to report this bug for some time, but my laziness wouldn't let me. Since version 7.64 mIRC supports preserving colors in $wrap and since then it doesn't work correctly.

I will publish prints to better illustrate...

mIRC 7.63 $wrap - Here is expected behavior
Code
alias testwrap {
  set -l %frase 9,37 😺 37    13Testtest      9😻 37www.9testtest.com     9😽  13Testtest 9$Test 13 É o 1º projeto 3,8 100% 8,3 <12@8> 3,8 Brasileiro 12 rodando na rede 0,59  🧊 Fantom Opera   13Agora também no 40,15 IR41C . 59Canal do Telegram ⇨ 9https://t.me/testtest
  set -l %x 1
  echo -ea %frase
  while $wrap(%frase, $window($active).font, $window($active).fontsize, 400, 1, %x) {
    echo -a $v1
    inc %x
  }
}
https://snipboard.io/pHjnVr.jpg

mIRC 7.63 $wrap2 (available here http://hawkee.com/snippet/17956/) - Here correctly preserves the control codes
Code
alias wrap2 {
  if (!$isid) return
  if ($3 !isnum) || ($4 !isnum) || ($5 !isnum) || (($6) && ($6 !isnum)) {
    echo -esc info * Invalid parameters: $!wrap2
    halt
  }
  set -l %n $5
  set -l %wrap $!wrap($1,$2,$3,$4,%n)
  if ($6 != $null) {
    %n = $6
    %wrap = $!wrap($1,$2,$3,$4,$5,%n)
  }
  if (%n < 1) return [ [ %wrap ] ]
  set -l %t %n
  %n = 1
  while (%n < %t) {
    set -l %m $gettok(%r $+ [ [ %wrap ] ],-1,15)
    set -l %r
    if (2 \\ $count(%m,$chr(2))) %r = $chr(2)
    if (2 \\ $count(%m,$chr(31))) %r = $+(%r,$chr(31))
    if (2 \\ $count(%m,$chr(29))) %r = $+(%r,$chr(29))
    if (2 \\ $count(%m,$chr(22))) %r = $+(%r,$chr(22))
    set -l %x $count(%m,$chr(3))
    if (!%x) goto b
    if (!$regex(k,$mid(%m,$pos(%m,$chr(3),%x),3),/^\x03(\d\d?)/)) goto b
    %r = $+(%r,$chr(3),$base($regml(k,1),10,10,2))
    :a
    if ($regex(k,$mid(%m,$pos(%m,$chr(3),%x),6),/^\x03(\d\d?)(?:\x2c(\d\d?))?/)) && ($regml(k,2) != $null) %r = $+(%r,$chr(44),$base($v1,10,10,2))
    elseif ($regml(k,0) == 1) && (%x > 1) {
      dec %x
      goto a
    }
    :b
    inc %n
  }
  if ([ [ %wrap ] ] != $null) return %r $+ $v1
}

alias testwrap {
  set -l %frase 9,37 😺 37    13Testtest      9😻 37www.9testtest.com     9😽  13Testtest 9$Test 13 É o 1º projeto 3,8 100% 8,3 <12@8> 3,8 Brasileiro 12 rodando na rede 0,59  🧊 Fantom Opera   13Agora também no 40,15 IR41C . 59Canal do Telegram ⇨ 9https://t.me/testtest
  set -l %x 1
  echo -ea %frase
  while $wrap2(%frase, $window($active).font, $window($active).fontsize, 400, 1, %x) {
    echo -a $v1
    inc %x
  }
}
https://snipboard.io/sBAFze.jpg

Finally, mIRC 7.72 $wrap
Code
alias testwrap {
  set -l %frase 9,37 😺 37    13Testtest      9😻 37www.9testtest.com     9😽  13Testtest 9$Test 13 É o 1º projeto 3,8 100% 8,3 <12@8> 3,8 Brasileiro 12 rodando na rede 0,59  🧊 Fantom Opera   13Agora também no 40,15 IR41C . 59Canal do Telegram ⇨ 9https://t.me/testtest
  set -l %bold $iif($window($active).fontbold, 1, 0)
  set -l %italic $iif($window($active).fontitalic, 1, 0)
  set -l %x 1
  echo -ea %frase
  while $wrap(%frase, $window($active).font, $window($active).fontsize, 400, $+(b,%bold,i,%italic,p1t1w1), %x) {
    echo -a $v1
    inc %x
  }
}
https://snipboard.io/PhL4Bc.jpg