Reducing compounds are like weapons - some can be as weak as a table knife, some as strong as a nuclear bomb (figurativelly).
As antioxidants
Antioxidants are compounds that inhibit oxidation, a chemical reaction that can produce free radicals and chain reactions that may damage the cells of organisms. Antioxidants such as thiols or ascorbic acid (vitamin C) may act to inhibit these reactions. To balance oxidative stress, plants and animals maintain complex systems of overlapping antioxidants, such as glutathione.
are usually considered such reducing compounds that are neither too strong neither too weak, reducing just too strong oxidants, including oxidizing radicals and dissolved oxygen. There is additional requirement to be chemically and/or biologically compatible with the material protected against oxidation.
Water does contain $\ce{-OH}$ bond and is not considered as antioxidant, reducing just extremely strong oxidants like e.g. fluorine. Similarly ethanol is very weak antioxidant.
Reducing abilities of $\ce{-OH}$ group is very different across compounds. Typical antioxidants are polyphenols like epigallocatechin gallate, one of green tea infusion components. Other ones are e.g. pyrogallol(used in gas analysis for oxygen absoption) or ascorbic acid, also known as vitamin C, or tocoferol - vitamin E.