You mean aside from the fact that ethanol has fewer BTU/gal than gasoline, right?
Octane rating isn't everything.
Ethanol has less energy when only looking at the fuel alone. However, we don't burn fuel alone. It's an air/fuel mixture by mass. Thus, you have to consider stoichiometry. When factored for stoich AFR, ethanol produces more energy than gasoline.
Gasoline = 20,012 BTU/lb ÷ 14.7 AFR = 1,361 BTU/lb of stoich air
Ethanol = 12,506 BTU/lb ÷ 9.0 AFR = 1,390 BTU/lb of stoich air
The octane rating doesn't correlate well with ethanol and methanol due to factors that are outside the control of octane testing, mainly heat of vaporization. (cooling factor) The octane rating is just a measure of the auto-ignition point of the end gases and nothing more. Ethanol has +455% better air charge cooling than gasoline and that cooler air is more resistant to detonation and pre-ignition. An "88 octane" E15 is roughly equivalent to a 91 octane straight gasoline in terms of detonation resistance due to this cooling factor.
Gas = 9.7 BTU/lb of stoich air (cooling)
E10 = 13.1 BTU/lb of stoich air (+35%)
E15 = 14.9 BTU/lb of stoich air (+54%)
E85 = 38.9 BTU/lb of stoich air (+401%)
This is why E85, with a loose octane rating of only ~100, has equivalent detonation resistance of ~116 octane race gas.
With modern pentroof chambers and direct injection, an engine with 10:1 static compression will likely produce max power available on regular 87. The chamber shape makes a huge difference in mitigating conflicting flame fronts that promote hot spots and detonation.