Enables palmitoyl-(protein) hydrolase activity. Involved in protein depalmitoylation. Acts upstream of or within negative regulation of Golgi to plasma membrane protein transport. Located in cytosol. Is expressed in several structures, including brain; cardiovascular system; cranium; genitourinary system; and gut. Orthologous to human LYPLA1 (lysophospholipase 1). [provided by Alliance of Genome Resources, Apr 2022]