Jesse E. answered 06/03/19
Masters in Chemistry and Bachelors in Biology
There is significant research into this phenomenon. At this high concentration, alcohols have been demonstrated to disrupt the cell membrane of the red blood cell. When the membrane is disrupted, the contents of the cell are flushed out.
However, I wouldn't use the word "dissolve" to describe this process. From how I understand, alcohol molecules are able to situate themselves within the cell membrane. When enough molecules have done this, the cell membrane's contents begin to leak out.
Jesse E.
Follow this link for the research article: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3781072/06/03/19