It won't degrade the toys, however you might want to question why you're using it. Isopropyl and the other alcohols don't do a really great job of disinfecting, so it can leave some stuff behind (especially if the toy has some organic material on it), and it doesn't kill everything - Hepatitis is one of the bugs that it will leave behind. If you're sharing toys you should come up with a better solution to preserve your health.

If you're just using your own toys on yourself then usually soap and water are fine. If you're going anal-> vaginal then I'm not sure - isopropyl should kill most of the potential problems, but wouldn't you really rather use something that's known to work better? less