Enables palmitoyl-(protein) hydrolase activity. Involved in prostaglandin catabolic process and protein depalmitoylation. Located in Golgi stack. Is expressed in several structures, including alimentary system; eye; integumental system; nervous system; and urinary system. Orthologous to human LYPLA2 (lysophospholipase 2). [provided by Alliance of Genome Resources, Apr 2022]