I've never heard of using rubbing alcohol. You could always try it on a scrap piece of ribbon and see if it works.
I use my wood burner to get rid of glue. If it's a small amount just hovering the burner over it sometimes melts it so you can't see it. If it's a lot of glue you can melt it with the burner and then scrape it away while it is hot, and repeat until it is gone.
__________________ Amanda~ Mama to 2 Free Spirits, 2 fur babies, and 29 fluff balls.