Incidentally, I still have not come across a suitable replacement for Winamp all these years later. They all have crappy UIs or bring features that I do not want and get in my way.
With a complete RCE like that though, I would definitely not advise playing music downloaded from peer-to-peer networks. While I'm not familiar with the exact requirements to exploit the vulnerability, I would err on the side of caution and assume that music files can be crafted that contain malicious metadata which can achieve similar results without actually being connected to the streaming service.
It's fixed in Winamp v5.52 and above, and the version I use is v5.531 so I'm not affected as it turns out.
I'm sure there are other bugs that I'm affected by, but again: Not really concerned about it.
Windows and Microsoft are the legendary backwards compatibility outlier in the software industry where essentially everyone else moves fast and breaks shit.