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Capacity reservation and reserved instance are two completely different thing, please refer Differences between Capacity Reservations, Reserved Instances, and Savings Plans section at On-Demand Capacity Reservations Documentation.
Please refer Capacity Reservation for more details about how capacity reservation works.
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Capacity Reservation: Capacity Reservations enable you to reserve capacity for your Amazon EC2 instances in a specific Availability Zone for any duration. This gives you the flexibility to selectively add capacity reservations and still get the Regional RI discounts for that usage
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Reserved Instance: EC2 RIs provide a discounted hourly rate and an optional capacity reservation for EC2 instances. AWS Billing automatically applies your RI’s discounted rate when attributes of EC2 instance usage match attributes of an active RI.
No, you can't purchase Reserved Instance through Cloudformation. You can create capacity reservation through CLI or Cloudformation but that has nothing to do with purchasing reserved instance.
Capacity Reservation through CLI
Capacity reservation through cloudformation
Additional Reference:
Hope you find this information helpful.
Comment here if you have additional questions, happy to help.
Abhishek
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