Modern denatured alcohol formulas have long been moving away from methanol.
At some point many governments realized that the point was to make it irreversibly undrinkable and not to outright poison their citizens engaging in occupational or (ill-advised) recreational activities. So they now seem to want to add things that give you a wicked 'hang-over' or taste abominable or just result in a generally unpleasant experience by whatever means but without lasting serious toxicity.
As a result recent formulations seem to greatly utilize simple ketones.
The EU recently agreed on denaturing with 3% isopropyl alcohol and 3% MEK (by volume) and bitter flavoring. Isopropyl is metabolized into the simplest ketone: acetone.
So if you are in the EU, it would be somewhat odd to switch to pure isopropyl out of fear of 3% isopropyl but I suppose you might still do it out of excessive concern over the MEK.
Most formulations are probably not as benign as this one though. But even in the US none of the
totally general formulations incorporate methanol, though some of the formulations only allowed for specific activities have methanol. That said the potential for 2.5% nitropropanes in some of the general formulations is less than appealing.
http://www.ecfr.gov/cgi-bin/text-idx?c=ecfr&sid=f7866313787bfcfb2b9cd25ba6af81b5&rgn=div5&view=text&node=27:1.0.1.1.17&idno=27#sp27.1.21.cEthanol fumes are of minimal concern so denatured alcohol has the rather considerable virtue of diluting the fumes of its denaturants. So a 3% isopropyl mixed in ethanol will have in the rough vicinity of 3% of the fumes of pure isopropyl. Given this fact I would not be concerned at all if exposed to fumes from the above EU formulation.
If you live in the states and are concerned about the formulation you might examine the above linked page with the full list of formulations allowed for various applications.
In particular the only denaturant in Formula No. 3-C. is isopropyl alcohol and it is very likely allowed for your application. I would personally rather be exposed to fumes from 95% ethanol with 5% isopropanol than to those from 100% isopropanol.