I do not think so. I would see boxes instead of characters, but what I see looks like that (exactly coped from one track):
"<>45;L 4;O A1>@:8"
Moreover, the same strings are displayed in the built-in Media Player. I would thing that something is wrong with my ID3 tags, but I can see them correctly in both Windows Explorer and some other tags editor.

It would be explained, if Canola uses some system component for parsing tags, which (as most of OS2008) is full of bugs.

And, please, add a navigation using file names. There are so many ways of navigation, just one more. And it would solve all the problems with unreadable tags.