I have been trying for so long to get answer
Yes, iron sinks in rubbing alcohol, water and in any liquid with density lower than density of iron.
It would float e.g in melted lead or gold.
For a very light iron/steel pieces like needles,, or pieces very flat like a classical Gillette razor blade, they could stay afloat on water due surface tension. But this is seldom case for alcohols, as their surface tension is several times smaller.