To answer my own question, yes, it was. Googlings reveal:

"Ugly Bug Ball" is a song sung by Burl Ives for the 1963 Disney film Summer Magic. The song was written by Robert and Richard Sherman.

Context within the story: Osh Poppum (Burl Ives) sings the song to a young boy (Jimmy Mathers).

Trivia: Walt Disney didn't like the song when he first heard it. Bob Sherman explained to Disney that to bugs, other bugs weren't ugly, even if they looked ugly to us, beauty being in the eye of the beholder. Disney liked the idea and the song went on to become one of the most popular songs of the year.

Lyrics:

Once a lonely caterpillar sat and cried
To a sympathetic beetle by his side
I've got nobody to hug
I'm such an ug-i-ly bug

Then a spider and a dragonfly replied
If you're serious and want to win a bride
Come along with us, to the glorious annual ugly bug ball

Come on let's crawl (gotta crawl gotta crawl)
To the ugly bug ball (to the ball to the ball)
And a happy time we'll have there, one and all and the ugly bug ball

While the crickets click their cricky melodies
All the ants were fancy dancing with the fleas
Then up from under the ground
The worms came squirming around
Oh they danced until their legs were nearly lame
Every little crawling creature you could name
Everyone was glad
What a time they hade
They were so happy they came

Come on let's crawl (gotta crawl gotta crawl)
To the ugly bug ball (to the ball to the ball)
And a happy time we'll have there, one and all and the ugly bug ball

The our caterpillar saw a pretty queen
She was beautiful and yellow black and green
He said would you care to dance
Their dancing lead to romance
Then she sat upon his caterpillar knee
And he gave his caterpillar queen a squeeze
Soon they'll honeymoon
Build a big cocoon
Thanks to the ugly bug ball

Come on let's crawl (gotta crawl gotta crawl)
To the ugly bug ball (to the ball to the ball)
And a happy time we'll have there, one and all and the ugly bug ball