My thought is that you shouldn't use rubbing alcohol on an open wound. It destroys animal cells. (unless, maybe, you cut yourself on a nasty sewer pipe or something where you have a serious concern for developing sepsis and don't have anything else.)
The whole goal is to kill as much bacteria as possible that got into your wound without also causing too much damage to your own tissues in the process.
In my honest opinion, for small cuts, peroxide is pretty good for flushing and killing bacteria. I say this because with small wounds, your major concern is preventing an infection, you're much less concerned with encouraging immediate healing as it isn't an impairing wound (but, it could be if it gets infected). For more serious wounds, Iodine, but you still don't want to use it on really deep puncture wounds where it could pool, because it will eventually damage cells just like peroxide does.
If you are looking for a less intense and natural alternative, I've used honey to some success. It has been used extensively throughout history, and there are many studies on the topic.
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