YES SIR!
I have done a lot of this myself with both chaga and reishi mushrooms. Shiitake is great too but it tastes good to me to extract, I eat it whole in soups.
Hot water extraction is used to extract polysaccharides, but for these woody tree mushrooms it can take many hours of boiling. Long hours of boiling can hydrolyze the polysaccharides, so the goal is generally to have the most efficient extraction in the shortest amount of time. Microwave extraction apparently is very effective in lessening the amount of time needed, one study I read did as well in 30 minutes as boiling did in 6 hours.
As for your question,
My guess is that they are using the 50% ethanol to help crash out the sugars, if they are less soluble, as well it can allow you to bring the temperature down to 0C and below without freezing the filtrate.
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In this paper I attached they do it in it even less time, super heated water extraction, though in this case they also have a special pressure vessel in the microwave for the extraction.
And they also use ethanol precipitation to recover the sugars.
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