String in a Box representation makes a subtle error

Question

Graphics[{Circle[{0, 0}], 
  Inset[Style["ABC", FontSize -> 30], {0.5, 0}]}, ImageSize -> 200]

QWE = "ABC"; 
GraphicsBox[{CircleBox[{0, 0}], 
     InsetBox[StyleBox[QWE, FontSize -> 30], {0.5, 0}]}, 
    ImageSize -> 200] // BoxData // Cell // CellPrint

GraphicsBox[{CircleBox[{0, 0}], 
     InsetBox[StyleBox["ABC", FontSize -> 30], {0.5, 0}]}, 
    ImageSize -> 200] // BoxData // Cell // CellPrint

GraphicsBox[{CircleBox[{0, 0}], 
   InsetBox[StyleBox[ToString[ABC], FontSize -> 30], {0.5, 0}]}, 
  ImageSize -> 200] // BoxData // Cell // CellPrint

Above are 4 codes.
1st, 2nd, 3rd works but 4th codes not works as expected.
I don't know why 4th-code made an error.

Also, can you construct function SomeExcellentFunction, so that

GraphicsBox[{CircleBox[{0, 0}], 
       InsetBox[StyleBox[SomeExcellentFunction[ABC], FontSize -> 30], {0.5, 0}]}, 
      ImageSize -> 200] // BoxData // Cell // CellPrint

works correctly ?

I add a screenshot for 1st to 4th code, in order.

+-+-+-+ added -+-+-+-+-+-+-+-

You can further try

GraphicsBox[{CircleBox[{0, 0}], 
     InsetBox[StyleBox[Identity["ABC"], FontSize -> 30], {0.5, 0}]}, 
    ImageSize -> 200] // BoxData // Cell // CellPrint

It doesn't works surprisingly.
An exceptional phenomenon for Identity.

Answer 1

So far I've used RowBox, GridBox, AdjustmentBox mostly.

But

{RowBox, GridBox, AdjustmentBox, GraphicsBox, InsetBox} // 
  Attributes // TableForm[#, TableDepth -> 1] &

gives

{Protected}
{Protected,ReadProtected}
{Protected,ReadProtected}
{HoldAll,Protected,ReadProtected}
{HoldAll,Protected,ReadProtected}

Unlike RowBox, GridBox, AdjustmentBox, check that GraphicsBox, InsetBox has HoldAll attribute.

It seems that I can temporarily remove that attribute.

Finally I found the solution on my own. The solution is

graphicsbox[x__]:=GraphicsBox[x]  
insetbox[x__]:=InsetBox[x]

Then, use graphicsbox and insetbox instead of GraphicsBox and InsetBox.