No need to bother with a partial vacuum when ethanol boils at around 80 C as well and doesn't destroy electronics. I'm not aware of any active cooling systems utilizing this though.
I could argue that ethanol has 1/3 the latent heat of vaporization of water, and would boil off 3 times quicker. However, what ultimately matters is the rate of heat transfer, so my nitpick may be irrelevant.
