No it doesn't.
I just got the Canon ST8150 which, like yours, uses the 'M' tray.
The latest 'AudioLabel' (Version 6, Build 6) does not support the 'M' tray at all.
A number of us have asked if future updates will support this but they are being suspiciously silent on this matter.
If you find a software which DOES support this tray (apart from Canon's own naff offering) then please come back and let us all know