OK, I'm going to repeat what I've heard from the guys who actually know something (like pHaestus, who is months away from his doctorate in biochem).
Water wetter will not prevent you from getting bio growth in your system, since it doesn't kill anything. It is essentially a surfactant (soap) with a pH changing substance to make it more basic and not acidic. The change to a base pH helps prevent corrosion, and the surfactant helps reduce the thickness of the stagnant layer of water next to the metal surface inside your radiator and waterblock. Use it to increase performance and reduce corrosion. It is not as good as antifreeze at reducing corrosion but it is better at helping heat transfer.
Antifreeze is a poor heat transfer agent, but it helps reduce corrosion by locking up metal ions that get absorbed. This way, the metal might get absorbed, but it doesn't get redeposited somewhere else, so the electrical circuit is not completed (the circuit is part of the battery effect that helps corrode dissimilar metals). It might help reduce biological growths, but I don't remember. However, it is much better at reducing corrosion.
Methanol is OK at killing biological growths, but not perfect. It is far better than antifreeze at transferring heat, but it does not do anything to prevent corrosion. It helps in a different way than water wetter. For pure heat transfer, I believe that water wetter has it beat, but methanol is a good biocide. The biggest problem is corrosion. Oh, don't forget that the alcohols (methanol, isopropynol, and ethanol) are good at dissolving some types of gasket material. You might kill your pump or discover a leak somewhere else!
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