You're right about the additives to meths causing the problems. The methanol added is poisonous, but it's also got some colourant (used to be "methyl violet", IIRC, whatever that is), and I think like natural gas there's also a smelly additive (a mercaptan, possibly), to alert people and discourage drinking (methanol has little smell).
IPA was very popular in magnetic recording and film applications, because it would allow you to clean residues off magnetic heads (and from film gates, rollers, etc.), without dissolving the varnish holding head laminations together (originally - before epoxies, I guess). It was in widespread use in both the broadcast and computer industries for that purpose. Meths is also too volatile if used on a warm machine.
As an aside, I have a couple of bottles of meths from Toolstation that have gone completely clear now. I'm not sure why, but perhaps they no longer use methyl violet, but something affected by either sunlight or the plastic bottles used nowadays (PET coating?).
So from a practical perspective, meths will clean more aggressively, as long as you can keep the surface wetted. IPA is safer (WRT damage, not necessarily toxicity) but not as effextive.