Legally no, chemically probably not, and realistically maybe but more likely not. The main issue with these waters from shopping sites is most test poorly for the alcohol content or pH, and many fail microbial contamination checks. Plenty of people say they've used them for years with no problems, yet they don't consider what it might do to peptides. The body can handle a lot but peptides cannot.
I found a product called reconstitution liquid on a shopping site that lists 0.9 percent benzyl alcohol and the rest deionized water. Is this the same as bacteriostatic water? Other places selling the real thing don't show ingredients and are out of stock.