It's not a song but I couldn't find a thread "Falcon Crest mentioned in films or series".
In episode 5 of season 3 of THE BOYS, a character played by Paul Reiser recalls "butter-churning half the cast of FALCON CREST at the Beverly Hills Hotel", followed by a special mention for Shannon Tweed.
To me, this sounds as obscure as the reference to THE COLBYS in AHS "Hotel" seven years earlier, and yet I suspect that many of the AHS viewers recognised the title of the short-lived prime time soap. Perhaps it could be interpreted as an Easter egg.
Since the butterchurn memory is just a throwaway comment that describes the Hedonistic nature of Paul Reiser's character (and the world he used to work in) I guess the reference had to be vague enough to be allegedly "real".
The other characters in the room are not supposed to recognise the name of the series or the actress, although one of The Boys used to watch REMINGTON STEELE when he was still living with his father, and Paul Heiser played in a guest role in that series).
Actually, the thing that came before "Falcon Crest" was the comment that superheroes "don't sweat anymore" which reminds me of Charlton Heston's comment on the Dame Edna Show that the sweat of the THE COLBYS cast was real, as opposed to the fake sweat in the other prime time soaps. I'm sure he didn't mean it.