Putting a wand of cancellation into a bag of holding does not blow up the bag at all; it cancels the wand (as in NetHack4) and additionally “cancels” the bag by turning it into an uncursed sack (which does not normally happen when zapping magical bags with cancellation).

Not specified whether putting in a bag of tricks or second bag of holding would also have this effect, or whether it would still blow up the bag.