Alcohol is far from a good idea for cell phones.
I too have worked in electronics repair and know that while alcohol is great for removing flux and other potentially caustic substances it is also great at removing adhesives and thermal grease compounds. I would never soak a cell phone in alcohol, the damage done by the alcohol cold easily outweigh the damage done by the water in the long run.
Just to clarify, alcohol does not displace water, it dissolves in water and effectively 'absorbs' the water into solution. This is part of why you can't buy 100% alcohol. 100% alcohol can't exist unless it is kept in an environment completely devoid of moisture, 0% humidity. Once the container is opened and exposed to moisture, even the sahara desert stays around 25% humidity, it will quickly begin to 'absorb' water and no longer be 100% alcohol. This does make the water evaporate more quickly because once they are in solution they cannot easily be separated by distillation (evaporation) and the alcohol has a significantly lower boiling point so it evaporates much faster and takes the water with it. Also, while very pure isopropyl alcohol is a very poor conductor, so is distilled water. So if putting more water into the device worries you from the perspective of potential electrical shorts, distilled water does not present much more of a threat than close to pure alcohol does.
But, the same speed of water removal can be achieved much more safely by using distilled water for a rinse and silica desiccant for moisture removal. In your research you should have found that silica desiccant will absorb ~40% of it's weight in water from the air. A large volume of desiccant in a small, sealed, container will remove small quantities of water VERY rapidly. Try this little experiment: get a ~10oz container of silica desiccant and put it in a sealed container such as a large ziplock bag along with a 2oz shotglass of water. In less than 24 hours the shotglass will be empty and bone dry. No cell phone can hold 2oz of water after any reasonable effort to drain it, likely less than 1/8oz. Even water in tight spaces will evaporate quickly as the humidity in the container plummets and all available moisture wicked into the air and then into the desiccant.
I'm unclear on why some don't trust desiccants as they are used in almost any industry where moisture control and removal is key. Their moisture removal properties are measureable and consistent to the point that the exact weight of the little packets in food, pharmaceutical and agricultural items is carefully selected to maintain a precise moisture level in the product. They are used to help dry paint in very humid climates in an entire room (Home Depot actually merchandises them in the paint department). I have used this method on 2 of my own phones (an SCH a670 survived a full wash cycle in the washing machine, lol), my ex's grandmother's phone, one of my employee's phone and a laptop (glass of water dumped right into the keyboard while powered off, broke me of leaving the laptop on the kitchen counter though) over the last 5 years or so. I have used desiccants for the last 15 years to dry 10-15lbs of peppers every fall as well as many other odds and ends that needed drying. The most readily available, reliable, brand I have found is DampRid and you can get it at most hardware stores and even wal mart (on the laundry supply isle with irons and hangers, sold to put in the closet to keep clothes from mildewing in damp climates). Drierite is another readily available brand but it is not silica based, it is calcium sulfate. Technically it is a better desiccant in that it can absorb more water per unit weight but the thing I don't like about it is that as it absorbs water close to it's maximum it starts to clump together and makes it hard to re-use. Both can be recharged by baking at about 250 degrees for a few hours but once the drierite has clumped together it's surface area is greatly reduced and it is not as effective.
In my experience, fresh desiccant can dry the average phone in less than 12 hours if done properly. Buy a 10+oz container of silica desiccant, place it and the phone in the smallest possible air tight container and leave it overnight. If the desiccant isn't freshly purchased and still sealed, recharge it first. The little packets in your shoe boxes, pill bottles, and beef jerky bags are already saturated, they wont do you much good unless you recharge them first.
The alcohol method will work for moisture removal without a doubt but the rewards do not outweigh the risks in my opinion. I'm not trying to make waves, only want to show that there is a perfectly viable alternative to alcohol that when combined with a desiccant has no real drawbacks compared to the alcohol method.
And just as a side note, rice is not a hoax. It is not nearly as effective as silica gel or calcium sulfate but it will dry faster than leaving something in open air. Try another experiment: place a 1oz shotglass of water in a ziplock bag with about 2 cups of rice and place a second 1 oz shotglass of water on the counter next to it and see which one evaporates fastest. Try it and see for yourself.