I would say on balance, no. It will burn, but not well. Methylated spirit (mostly ethanol, some methanol to make it poisonous and dyes/flavourants to stop people drinking it) is the correct fuel.
From
http://zenstoves.net/Stoves.htm:
"Isopropyl Alcohol (Isopropanol, 2-Propanol, rubbing alcohol) Not recommended -
Found in drug, food and general stores (HEET in red container). Rubbing alcohol is generally only 70% alcohol and won't work in many stoves. Alcohol with 91% or greater alcohol content will work, but will leave a sooty residue on your pot and brown water in your stove. The heat potential for this fuel is high, but it doesn't generally burn completely (yellow flame and unburned soot) and is generally mixed with water that isn't burned and hinders fuel efficiency."