Yes, so strictly speaking you're not only displacing the water; you're dissolving it into the alcohol. But assuming you're using more than a tiny bit of alcohol

Yes, so strictly speaking you're not only displacing the water; you're dissolving it into the alcohol. But assuming you're using more than a tiny bit of alcohol, the water/alcohol ratio of the solution will be minuscule. Furthermore, if you pour alcohol over the components, the new alcohol will displace the just-formed solution.