Hairspray is basically lacquer. Spray lacquer actually works better than some hairsprays that have oils etc for the hair's appearance. Lacquer works well if sprayed lightly. It dries fast for one thing.

The best finishers in the hobby are the CL stunt guys and the Pylon racers from a few years back. I don't ever remember any of them mentioning a preference. That's probably because it really didn't matter. And the ones I knew didn't use hairspray. Nor did I. It cost more and did nothing better (that anyone touted).