My take would be that relationships with works should not be customized by artist credits, unless the artist credit is of a specific pseudonym. That pseudonym should be listed as an alias of that artist.
To me, there are three types of aliases that artists may use for AC. The first is the Snoop Dogg / Snoop Lion distinction, where they represent different personas of the same person used for different projects. The second is pen names that artists use for different purposes (name as lyricist and name as composer), but the artist does not purport to be different personas or characters when using different names. The third type is linguistic variations on the name (ex: name in different scripts, romanizations, special characters, etc).
AC should only be used for the second type of aliases. For the first type of aliases, a separate artist should be created (see style guidelines). We should not use the third type of aliases as AC because work relationships should be universal in that it is not restricted by how the work-related information is printed on releases. So I think the second should be the only alias type to be used as AC.