If holding a beer and making a face is the students' idea of excessive partying, then their education is sorely lacking.

Bearing in mind what Alexa said about excessive drinking (falling down drunk, urinating in public, passing out in the gutter etc) and assuming that they are sober and focussed when they are teaching, then I can't see what the problem is.

Unless and until the university pays them a salary for 24 hours a day, they are free to do whatever they please in their own, unpaid time, short of breaking the law, or being a bad role model.