Rubbing alcohol is fine for dirt and not much else, but then you might as well use water. It's not called the universal solvent for nothing.
Isopropyl alcohol cannot, does not and will not remove lane oil from the ball. The rag you use will remove some oil and smear the rest into the ball. You need a true degreaser to remove oil or a real ball cleaner, like Clean and Dull or Hook-It.