Ethanol is corrosive to various components in and around the engine.Question, corrosion is I presume related to Ethanol being hygroscopic? In which case it would not affect modern plastic fuel lines and tanks.
I'm more interested on the possible effects of Ethanol on some types of plastic.
Plastics which aren't suitably protected against Ethanol start to go brittle, rubber fuel lines go hard, metals like magnesium, aluminium and brass are all effected by Ethanol to one degree or another, so injectors, throttle bodies, pistons, cylinder heads can all be affected.
Fuel pumps are lubricated and cooled by the fuel flowing through them, however Ethanol provides no lubrication, so pump bearings, brushes and commutator all wear quickly. Fuel filters with unsuitable paper elements disintegrate as Ethanol passes though them, this paper ends up in the injectors, causing wear, blocking and failure.
Ethanol isn't so restraint to knock, as it's easily ignited by hot spots in the combustion chamber, doing damage to pistons and bearings.
It's pretty nasty stuff for an engine that wasn't designed for it, which is basically anything made before 2008, as Ethanol wasn't going mainstream at the time, so manufacturers didn't harden the engine or components against its use.