Ethanol is metabolized into acetyl-CoA which can be used for energy in the citric acid cycle, but acetyl-CoA is also a key part of fatty acid metabolism. Fatty acid catabolism by beta-oxidation ends with Acetyl-CoA going into the CAC, but anabolism of fatty acids start with Acetyl-CoA- the 2 carbons is why fats are always built up and broken down in pairs of carbons.
Even if the ethanol isn't directly contributing molecules to the fats, you're also just making a bunch of acetyl-CoA from ethanol metabolism ready for OxPhos which in turn is going to slow any breakdown of sugars via glycolysis or fatty acid catabolism. Glycolosis and fatty acid metabolism work essentially both ways, for breakdown and build-up of their resepective biomolecules. An abundance at the end of the metabolic pathway affects the enzyme kenetics going all the way back up the chain.
The calories of ethanol are going to have to be burnt one way or another, there's really no metabolically escaping that.