Almost. It's that first breakdown step of ethanol into acetaldehyde that is the worst, but the human body is remarkably resilient to it.

Humans have a very interesting relationship to alcohol, for sure. It was very useful for preserving primitive beer for long periods which helped us survive and evolve. Hell, it is even theorized that we started to develop the ability to process the stuff so we wouldn't get blasted out of our minds when we left the trees to forage for fruits that may have already been fermented.

But, yes, it could be considered a toxin that has no purpose these days. Truth be told, it is still useful for it's medicinal effects when combined with other medications for cold and flu relief. In highly stressful situations it can be beneficial for a quick morale boost. There are plenty of other uses for it as well.

In full disclosure, I don't drink anymore. My body has always metabolized it too well and led me to drink a lot, quickly. Hangovers were always short if I even had a serious one at all. This excessive drinking led to an addiction which took me years to overcome. But enough about me..

My point is not to underestimate its benefits, s'all. Moderation is key and for those who cannot moderate, abstain.