No. They only feel pain. It might sound cruel or cold but plainly, a bug won't feel sad when his bug girlfriend leaves him for another. I would appreciate them as creatures but not put them to the level of humans. A famous sayings says, Man is the Measure. We see things in our eyes. This may seem egotistical but it's the truth. That's why the sun is large and a bug is small. Simply, we can't compare human thought/soul to that of animals which is much less complex.
It's as if comparing a ball of yarn to segements of string, if that makes sence
I think that all living things have the same basic instincts, and even if an organism is complex enough to have emotions, those emotions are the same instincts in a bigger form. I think the driving instinct is the will to live, and that one drives the three basic instincts, which are thirst/hunger, reproduction, and fear. So yes, bugs do have those instincts, and though they may not have emotions, they still have their own system. And like humans, they want to live.
But really, there could be organisms out there somewhere that are much bigger and more complex than us, and to them emotions may seem "pathetically small". I don't think it's good to do nothing but compare, why not try to see from their eyes instead?
Humans are just creatures too, and even though it appears we do some great things, I will remind you that it's still those same basic instincts that drive us to do those great things.
And that comparison of the ball of yarn to segments of string doesn't make sense, unless instead you said the segments of string were atoms, and a large ball of yarn represented a human, while a small ball of yarn represented an insect......
But yeah, this is just my opinion, so think what you will of it. :P