Today I found the TOPE frame in the ID3v2 tag specification, which can be used in cover songs. I was simply using the comment frame so far, and having a specific frame for that is great. Now I needed to display this frame in foobar2000, my player of choice for years.
I created an account in foobar2000 forums and posted the question there. Then I just found a specific subreddit, and I posted the same question.
Much to my amusement, I got answers in both after a few minutes.
Turns out, I vaguely remember having done this before. One must navigate to Preferences > Advanced > Display > Properties dialog > Standard fields, and add:
Original Artist=ORIGINAL ARTIST;
And it worked.