Rubbing alcohol is not the greatest cleaner ever, but it is safe to use on bowling balls. It's alright for taking dirt off the surface but it doesn't break down lane oil or remove it from inside the coverstock.
There are much better cleaners out there. The usual poor-man's solution is a mixture of half Simple Green, half rubbing alcohol, half water, or some other combination of those three. If you want an honest ball cleaner, Track (nee Powerhouse) Power Wash is a good regular cleaner, it can be used during competition, as is the Legends cleaner, though it is only approved for use before or after competition. Track's Clean and Dull is the best deep cleaner.
SH