I would advise against it. I work for a company that produces professional grade fog machines for the entertainment industry.
Most machines are glycol based and the glycol will build up on surfaces over time and is quite nasty to clean. This stuff does not mix well with vintage arcade game electronics. If you are just using it very rarely then it is not as big of a deal but regular use will get nasty in confined areas.
The cheap machines are even worse in this regard. In all cases, you are best to only buy the fluid designed to go with the specific machine. While they are all similar the exact mixtures of glycol to water and the heater block temperatures are different. Using the wrong stuff will cause the heater block coil to clog prematurely or will cause greater buildup of fluid as it does not fully atomize it.