If yours is FlexFuel, it'll still adjust for it. How accurately is the question. The virtual sensor seems to be so hit-or-miss. At 65% alcohol content, the most mine would read was 22%-23%. In addition to the MPG hit, it's a waste when running it for power and cost savings if it doesn't fully adjust for it. The fuel will still have its cleaning properties, though.
Actually, I think my testing took place way back before I did the engine work, which included new upstream O2 sensors. Now that my tank is really low, I might try half a tank of E85 and repeat my testing. But now I'm trying to determine when I actually tested it cuz if I remember it at all, it couldn't have been that long ago.