Effective electrical collector system (ECS) planning is crucial for reducing initial investments, enhancing reliability, and optimizing the overall efficiency of offshore wind farms (OWFs). ECS planning includes the optimization of cable layout as well as switch configuration. However, most studies predominantly oversimplify or even ignore the placement strategy of switch devices. Moreover, it is common practice to employ the iterative two-phase planning approach with posterior reliability evaluation, rather than utilizing a comprehensive planning model with built-in reliability constraints. To tackle these issues, this paper proposes a co-optimization approach for cable layout and switch configuration, taking into account the distinct roles of circuit breakers and isolation switches in the fault management process. The explicit relationship between ECS reliability, device planning, and operation decisions is established by the virtual fault flow method. Thus the reliability-related constraints can be integrated into the ECS planning model, which obtains the optimal cable layout and switch configuration satisfying the reliability requirements. Test results validate the efficacy of the proposed method in avoiding over-investment and highlight its advantage over the conventional two-phase approach by achieving an improved balance between cost-efficiency and reliability in OWFs.