No - it simply won't run. E85 is basically ethanol with some gasoline contamination, so it behaves like ethanol. Your Matrix is programmed to provide a 14:1 air to fuel ratio, expecting it to be gasoline. Ethanol requires an 8:1 ratio and won't burn at all at 14:1. Flex-fuel cars have a fuel composition sensor to run on e-85. The first source has a better explanation.
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