I don't believe alcohol dries the skin measurably as compared to what will naturally happen to one's face after waiting a few minutes during the dry winter months....at least not removing any of oils which have remained behind on the skin.
That said, I agree with your comment about not really wanting to apply 2 moisturizing products at the same time. I often use moisturizing balms in the winter (today was Captain's Choice North) and nearly always use an alcohol based splash in the summer. During the summer I sometimes apply a SPF sunblock/moisturizer and would not want to add that on top of an aftershave balm.
That said, I agree with your comment about not really wanting to apply 2 moisturizing products at the same time. I often use moisturizing balms in the winter (today was Captain's Choice North) and nearly always use an alcohol based splash in the summer. During the summer I sometimes apply a SPF sunblock/moisturizer and would not want to add that on top of an aftershave balm.