The problem with any fluid that doesn't absorb water, as has been noted, is that water accumulates in the low points of the system.
What may not be obvious from that statement is that the accumulated pools or tiny drops of water become corrosion cells, and eat pinholes right through otherwise perfectly good metal.
A single pinhole can quickly drain the entire trapped volume of fluid upon which the brake system depends, either in storage or upon first application.
In a hydraulic system, normal operating flows will sweep away small volumes of accumulated water, or at least move them around so they don't always eat the same piece of metal. In a brake system, the fluid moves only upon application, doesn't move very far, and upon retraction comes back to where it was before, so the water is always in the same place, eating the same metal.
Mike Halloran
Pembroke Pines, FL, USA