DerrymagashLet's not over-analyse! A soldier's main objection was to being shot at - no matter who was doing the shooting! The presumption that an Irishman in the British Army was either "pressganged" or doing it for the money is just that - a presumption. Note the "along with the other patriots" line.
Regards
p.s. I've always assumed this song was a monumental piss-take.