OK, so it is a hostname then... :o
Because of the form of your code that you posted, I assume that this code goes into /.htaccess. If not, then it will need to be changed bay adding a leading slash to the RewriteRule patterns and the 'loop prevention' measures won't be needed.
Rewriting to either /bugs (with no trailing slash) or /bugs/original-path-info complicates things. Straightforward two-rule solution:
RewriteCond %{HTTP_HOST} ^features\.loc\.?(:[0-9]+)?$
RewriteRule ^$ bugs [L]
#
RewriteCond %{HTTP_HOST} ^features\.loc\.?(:[0-9]+)?$
RewriteCond $1 !^bugs/
RewriteRule ^(.+)$ bugs/$1 [L]
Or a single rule:
RewriteCond %{HTTP_HOST} ^features\.loc\.?(:[0-9]+)?$
RewriteCond %{REQUEST_URI}>bugs ^/>(.+)$ [OR]
RewriteCond %{REQUEST_URI}>bugs%{REQUEST_URI} ^/[^>]+>(.+)$
RewriteRule !^bugs(/.+)?$ %1 [L]
The ">" character is just an arbitrary character uses as a delimiter to enable parsing. It has no special meaning in regex, and cannot be passed un-encoded is a URL-path, so will rarely occur as part of a real URL-path.
This code uses POSIX regex instead of PCRE, and is therefore compatible with both Apache 1.x and 2.x servers.
Some optimization is very likely possible using PCRE, but I always write code in 'compatibility mode' out of habit.
Jim