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Ethanol is a solvent. Ethanol dissolves the varnish that builds up in that e fuel systemms over the years. That varnish residue ends up in you carburetor. That’s why they can’t add ethanol at the refinery. It would dissolve all the junk in the pipe line. We have Valero refinery here. There are hundreds of tank cars in their yard with ethanol in them. They add the ethanol simultaneously with pumping gas into the tankers.
Once that is cleaned out you shouldn’t have problems except for storage and water absorption in damp climates. Automobiles today have sealed fuel system so that is not a problem. Model A’s breathe in air to replace the fuel you burned and that brings water vapor in to be absorbed by the ethanol. When the ethanol gets saturated corrosion starts.
Ethanol adulterated gas about 10% less BTU’s per gallon compared to gasoline.