Isopropyl alcohol is not considered safe to consume. It is not found in any food or medicine. Having said that, isopropyl alcohol is not much worse than ethanol (regular alcohol) and probably has fewer long term toxic effects.
You may be thinking of propylene glycol which is used in some food additives and medicines as a solvent, which is non-toxic.
Sodium hydroxide is harmful because it is a very strong alkali. The strong alkali will damage body tissues. However, as an alkali it can be used in small amounts to neutralise acids. Medicines which may be too acid, can have small amounts of sodium hydroxide added. The alkali and acid neutralise each other giving a final product which is safer than either one.
A similar process is used in making some food seasonings. A common seasoning called hydrolysed vegetable protein is made by boiling up vegetables in hydrochloric acid until they dissolve. Sodium hydroxide is then added to neutralise the acid, leaving behind sodium chloride (salt) and digested vegetables which have a savory, meaty flavour.
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