Ethanol reacts with both aluminum and magnesium to make alkoxides, they react with water too. Water makes aluminum hydroxide. E10 pulls moisture into fuel from air when it is humid, enough water it will separate into a water and organic phase. The water phase will not have any mix oil in 2-stroke mix, but will have ethanol, so 2-stroke will not get lubrication running the water phase but will run on the ethanol.I think the aluminum will be just fine. Obviously Makita (Dolmar) thinks it's okay, as do pretty much all automobile manufacturers these days. That said, leaving ethanol fuel sitting for extended periods so it can absorb moisture will not be good for either type of metal.
Ethanol also reacts with moisture/air to make a snot like substance that fouls fuel systems.
My tractors from 1940 (9N ford)-1970s never had have a carb rebuild, until they ran some E10. Carbs were full of snot when ran on E10. Except cars that get fuel run through every day, no E10 in my equipment.