If it were 80% by solution, Matt, it would be almost as hazardous as glacial acetic, and be un-shippable except hazmat. I'm well aware of what MSDS sheets are. We had an entire library of them in our Govt and Military sales dept right down the hall from my office before there was easy access over the web. In other words, it's not 80% acid, 20% water, but only 28% diluted acid plus an equivalent molecular weight of only 20% added "ingredient" such as litmus dye. I've got both styles or concentrations on hand, and there is an enormous practical difference between them. Even a small spill of anything even close to glacial purity, like 80%, and you'd have to immediately leave the room or risk lung damage. I only dilute it down myself under a powerful fume hood. Indicator Stop is far less noxious.
Actually, the current MSDS listing gives Indicator Stop as 80-90% "component" = acetic acid. That term "component" is significant because it is attached to any ingredients having an applicable CAS registry number, in other words, what must be identified as an active ingredient required to be disclosed for safety reasons. Added water is NOT one of those. Even the dye does not need to be specifically identified in this particular case.
Compare Muriatic Acid, which is typically 18% hydrochloric, but still needs massive dilution for swimming pool use. The other 82% is water, which is not one of the "active" ingredients, so is not considered as MSDS significant. Anyway, the actual concentration of acid in Indicator Stop Bath is listed right on the bottle label, or at least used to be. I still have only the old style bottles.