Studies have shown that bugs and insects do indeed have emotions like humans and other animals do.
Bugs and insects have been shown to exhibit signs and behaviors that show they have emotions such as fear, anger and empathy.
For example if a bug sees you trying to squish it the bug will experience fear and try to run away or fly away if possible.
I've killed bugs and I've noticed when I try to kill the bug or swat it the bug will try to run away or fly away.
So yes bugs can and do experience emotions and are fearful and can get angry as well.
It's hard to see all the emotions of a bug or insect but they do have emotions and can feel some pain as well although the pain is not the same as a human experiences.