One simple comment on the situation you present is that the song being related to the album makes the list of songs of the album pretty much irrelevant. Unless … there is a purpose for that list of songs other than just being part of the album.
Yes, I really think that having the Album as a field on the Song is the only relation that I need.
Except for only one Data Type that I have to have a list of things because of the Privacy Rules don’t letting me have a "This Thing's X's Y" can't grant search access right now
For one it will be easier to work with data (and probably faster to load compared to doing a search for songs).
For another, there may be certain privacy rules you might want to use which (as you’ve already seen) will only be possible linking the data that way.
And besides, there are zero downsides (aside from the extra ‘effort’ of adding an additional workflow step to do it, and making sure any future changes to the data run both ways).