When I searched for it, it's listed as the third ingredient.
Many alcohols, like ethanol and isopropanol, are drying. Others, like cetyl alcohol, are moisturizing. I suspect that this one might be one of the drying ones, but I'm inclined to say that if the conditioner makes your hair feel more moisturized, you probably don't have to worry about it. (To some extent, you have to consider the overall effect -- otherwise, for example, you might avoid a product with sodium hydroxide on the label, when the stuff was used to bring the pH to the proper range.)
I do wish they were more explicit about specifically what sort of alcohol it is. The denatured alcohol I can get at the hardware store isn't something I'd be inclined to put on my hair.