Acetone is, in fact, an EXCELLENT paint remover. I’ve used it several times to remove the clear coat from oxidized aluminum wheels.
It is also at least as flammable as gasoline.
I guess it depends on the paint. I used acetone to remove debris on my Buick with no loss of gloss or green paint. I used it quickly and rinsed with a lot of water. Another way to inhibit acetone is to mix it with water. That lowers flammability, too.