Wrong -- Octane will allow to run at more advanced timing.
Ethanol is but one way to get the necessary octane into Gasoline -- So is Methyl Ethyl Lead or Toluene.
At the end of the day it is simply octane that Matters!
But -- if you make 88 octane by using alcohol you have less Btu per litre or Gallon and run slightly leaner. In General that amounts to less power. Now if the RACE ECU is set up specifically for E10 it will add extra fuel to make up for E10 lower BTUs. I would suggest I can do exactly the same thing with the Yamaha tuner if I would be so inclined. I rather run good fuel and a slightly leaner more advanced ignition curve.
Fair enough...I get the importance of octane but does adding alcohol to gas also effect other issues, like causing corrosion due to its solubility in water etc. - also something to consider?