The real downside with alcohol-free aftershave is that your choices become alot more limited regarding scent. Personally, I use alcohol-based aftershaves all the time. In my experience FWIW, provided that you use a good quality moisturizing shaving soap (E.g. Cella, Valobra etc) or cream, there should be not too many problems regarding skin drying from the alcohol. You can also cut the alcohol aftershave with a little water if needed and this aids moisturizing especially if the aftershave already contains glycerin.
... I tried one, then two and then I do not have a single balm anymore. I don't think I would go back, I love my non-alcohol-free AS.
The best way to know, try one.