Catalyzes the reduction of saturated and unsaturated C16 or C18 fatty acyl-CoA to fatty alcohols (PubMed:15220348, PubMed:24108123, PubMed:35238077). It plays an essential role in the production of ether lipids/plasmalogens which synthesis requires fatty alcohols (PubMed:20071337, PubMed:24108123, PubMed:33239752). In parallel, it is also required for wax monoesters production since fatty alcohols also constitute a substrate for their synthesis (By similarity) (PubMed:24108123, PubMed:35238077). {ECO:0000250|UniProtKB:Q922J9, ECO:0000269|PubMed:15220348, ECO:0000269|PubMed:20071337, ECO:0000269|PubMed:24108123, ECO:0000269|PubMed:33239752, ECO:0000269|PubMed:35238077}. This is the function of Ensembl gene identifier ENSG00000197601 (FAR1, fatty acyl-CoA reductase 1).