The alcohol displaces the water so you dont get rust, you still have to dry it with rice after the alcohol
I've done this one. the rubbing alcohol also has the benefit of quicker evaporation. You can stick the phone (and optionally rice) in the oven set on "low" with the door cracked, and drive out all the alcohol pretty quickly.
I did this with a Moto Razor that had gone through a whole cycle in the washing machine, and it came out working as good as new!
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