The type of solvent you use to mix up the whiting has little to do with how effective the process procedes.

The effect of acetone, or MEK, or any solvent in pulling out some of the surface oil in the few moments it exists before evaporation in the mixture is so temporary, it makes little difference in the overall process. Each whiting coating will sit on the wood for a couple of days doing it's work. That solvent and any good it'll do for the process is gone before I can hang the stock on a handy rafter hook.

And so it is also with the alcohol. It is there to make a paste to apply and then evaporate to leave a hard coating of whiting on the wood surface.
The hazards of continuous handling of solvents like acetone, MEK, etc. should be avoided too in my opinion.

Alcohol works nicely because it gives you a decent working time with the paste before it hardens up. You can build up a coating that won't crumble while you're applying it. Plus it's cheap and reletively safe compared to the others.

But everyone has their own way of doing things..this just happens to be mine.