There are now 2 types of thinner from Vallejo.
The old thinner was 70524 (17ml, picture above), 71061 (30ml picture above) and 71161 200ml
These were originally the cloudy, milky type thinner that I think your finding the Amorphous Silica and Propylene Glycol in.
70524 has been left as it, however 71061 and 71161 have been replaced by the new Airbrush Thinner, which is the 2-butoxyethanol and lubricant, (roughly 20% 2-butoxyethanol, and less than 1% lubricant, the rest is water)
I have used both. And while I was used to thinning the Model Color with the old style thinner, it had a steep learning curve when it came to thinning them to be airbrushed (thinning for brush painting...is easy, just mix till it looks right), because what would work as a thinning ratio with one color, might not work with another.
Then along comes the new Airbrush thinner, and it is basically 2 to 3 parts thinner to 1 part paint, and works every time (at least for what I have been painting).
As far as 2-butoxyethanol being nasty stuff....there isn't enough in the solution to be of any danger, otherwise the bottles would be plastered with warnings, as Vallejo is pretty good about that. And actually 2-butoxyethanol, is what most Acrylic cleaners you use to clean your airbrush with are made out of.
Here is a little blurb about the effects of it I found:
People exposed to high levels of 2-butoxyethanol for several hours reported irritation of the nose and eyes, headache, a metallic taste in their mouths, and vomiting. No harmful effects were seen on their lungs or hearts. People who swallowed large amounts of cleaning agents containing 2-butoxyethanol have shown breathing problems, low blood pressure, low levels of hemoglobin (the substance in the blood that carries oxygen to organs of the body), acidic blood, and blood in the urine.
It is not known whether 2-butoxyethanol or 2-butoxyethanol acetate can affect reproduction or cause birth defects in people.
Animal studies have shown hemolysis (destruction of red blood cells that results in the release of hemoglobin) from exposure to 2-butoxyethanol and 2-butoxyethanol acetate. High doses of 2-butoxyethanol can also cause reproductive problems and minor birth defects in animals.
So...unless you are free basing it, using it in your coffee as an additive, or just hot boxing the fumes, you should be alright, as long as you take the normal precautions you normally would when building and painting. Most of the glues/cements we use are more harmful than this stuff, so if you do what you do when you use the cements we use, then you should be fine.