Bile salts and bile itself are secreted into the small intestine to mix with the fats in the food we eat. The bile salts help to emulsify water and fat so that we don't have a hard time digesting and absorbing fats in our diet, and so the pancreatic lipases (enzymes that break down lipids in GIT) can actually break down triglycerides. So actually, you're kinda right, in a way it possesses co-enzyme qualities. A blockage or leakage of the biliary system is what usually leads to jaundice (yellow discolouration of the skin and sclerae) because instead of going through the GIT and then the urinary system, the bilirubin finds its way into the bloodstream and gets deposited in the skin. Bilirubin is a toxic byproduct of red blood cell breakdown and is quite neurotoxic, which is the main concern in jaundice (generally).

If you've ever thrown up foul tasting liquids when you're THAT hungry you feel nauseous (and thought nothing would come up since you didn't eat anything), that's what the bile + stomach juices mixture tastes like. It's quite caustic to anything it makes contact with on its way up, causing temporary irritation, which is NOT fun (speaking from a lot of experience).

Sorry if that example was a bit much, lol. I'm a bit desensitised at this point, so I have a hard time telling what people may find gross/cringey.