NaOH when reacts with water forms ethoxide ion but due to its basicity it abstract hydrogen reforming alcohol. hence alcohols does not reacts with the base.

What happens when ethanol reacts with NaOH?

As you mentioned, NaOH does not react with 95% or 100% ethyl alcohol since NaOH is not efficient (strong enough) base to abstract a proton from ethanol (this proton is not acidic at all, it is almost neutral). The white precipitate which turned to brown is NaOH that got precipitated during the reaction standing.

What will NaOH react with?

Sodium hydroxide reacts with strong acids (hydrochloric, sulfuric or nitric), water, and moisture to rapidly release heat. Sodium hydroxide reacts with metals (aluminum, lead, tin or zinc) to form flammable and explosive hydrogen gas.