Yes, but hallucinations aren't the main problem. Assaulting people and zigzaging on the road after just a few drinks is a bigger problem than having blurry vision and seeing weird colors. I took a shitton of psychedelics, I never saw anything that wasn't there.
Psychedelics never made me black out, piss on the floor/all over the room, never made me want to assault someone, or made me act like an asshole, but alcohol on the other hand....
You might be overestimating the effects of hallucination. Someone who's hallucinating is not necessarily more impaired than someone who is drunk.
Imagine this- you hear something behind you (a real sound), and for a moment you are startled, thinking someone else is in the room. You soon realize that this isn't the case.
Someone on hallucinogens might take a moment longer to realize that there is nobody there. They imagine the intruder a little more vividly, their heart rate goes up a bit more. But just for a moment.
In contrast, if there actually is someone there, a drunk person might not realize it. Their senses are dulled. Instead of seeing things that aren't there, they fail to notice things that are there. It's the opposite.
You're right that the safety profiles are dissimilar, but if anything it's the other way around: alcohol is significantly more likely to result in long-term illness or death than e.g. LSD.
That said, alcohol is a lot more predictable in its effects for a given dosage. And also the dosages are a lot more reliable. There's a reason it's perceived "not as bad" as hallucinogenic drugs.
"Similar" does not mean "identical." Yes, they affect the brain in different ways. The net safety profile for individuals and society is (arguably) similar.
