An alias is a shell function, and nice is an external program:
$ type nice nice is hashed (/usr/bin/nice)
This is a nice program that runs the command passed as an argument by calling the C execve function, so all arguments for it must be evaluated before being called.
So, it would be better not to use an alias and just put the whole command needed there, but if you really want it, you can try something like this:
$ nice -10 `alias list | sed "s/^\(alias \)\?[^=]\+='//; s/'$//;"`
alias list prints the alias list definition in the format alias list='ls' (or list='ls' if it is /bin/sh ), so I did some sed replacements there to get only the command that it extends.
If you are sure that you are using only bash , you can use ${BASH_ALIASES[list]} instead, as noted in the comments:
$ nice -10 ${BASH_ALIASES[list]}
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