What's your source for 95% ethanol? Everclear? Something lab-grade?
Everclear works well; however, its sale is banned in many states.
How do you know how long to wait? I just guess, but I'm never sure.
I flame isopropyl off of glass, which is why I prefer to use borosilicate (Pyrex, Kimax) glassware for yeast storage. I wait until the surface is visually dry on plastic. Ninety-one percent isopropyl flashes off quickly if applied lightly. That's why I use it and not the garden variety 70% stuff. The trick is to thoroughly saturate the cotton ball without filling it with so much alcohol that it is sopping wet.
While high concentration IPA or ethanol would definitely be preferred for applications where it is being flamed off, the 70% concentration is preferred for surface sterilization. While IPA and ethanol do have a short contact time for most pathogens, it isn't instant. The higher concentrations have the potential of flashing off before the necessary contact time has been achieved.
In addition, while there is no conclusive data that I have seen, the consensus seems to be that a minimum amount of water is needed for alcohol to be effective. The idea is that the water is required for protein denaturation. High concentration alcohol is extremely hygroscopic (i.e., it draws water out of solution, the air, etc.). The end result is that it could potentially dry out the cell membrane, preventing its ability to enter the cell. The quoted range of concentrations where alcohol is generally considered most effective is in the 60-80% range, and effectiveness falls off rapidly below 50%.
In healthcare applications, we use 70% ethanol or IPA almost exclusively for sterilizing surfaces. If I were to use a commercially available liquor in my home brewery, I would choose 151 proof rum over vodka (too low ethanol concentration) or Everclear (too high).