Hi Fleener,
Yes indeed, alcohol does dry faster. In my experience with leather (Dad was a maker and we've sold leather for 30+) years, alcohol also takes out the oils in leather and makes it hard. That can be a benefit if you are wet-molding leather to an item such as a knife or handgun. On the other hand, it can also dry the leather out to the point of cracking. I'd hate to mold something with alcohol and not feed the leather back with some mink oil or similar. Not neetsfoot oil though....in my experience it makes leather black, soggy, and a mess. Just my 2 cents worth.
God Bless, Marc