Alcohol dissolves things (we’re especially thinking about flavour compounds) that water can’t easily dissolve, and help those things get into your flavour receptors.
Alcohol also has its own taste and flavour which might be desired to balance a dish by adding some piquant bitterness.
Lastly, not all of the alcohol cooks out. This is a misconception. You would need to boil a dish almost completely dry to boil off all of the alcohol. Even after several hours of simmering some will still remain.
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