Alcohol evaporates at a lower temperature than water (that is how they distill alcohol to produce, for instance, whiskey). So it provides better cooling by evaporation.
But water has a higher specific heat than alcohol (and just about everything else, including ice, which is about half that of water) so it draws the heat out of the horseās body, by conduction, much faster.
Once the water reaches the horseās body temperature there is no more cooling by conduction, so it is best to replace it with fresh cold water (either by scraping, and adding more cold water, or by just continuing to add cold water witout scraping)
The primary cooling effect is by conduction, the evaporation is secondary,so if you have a choice of āall waterā or āall alcoholā, choose āall waterā. But adding some alcohol to the cold water helps with the evaporation phase.