Acts as a acyl-protein thioesterase hydrolyzing fatty acids from S-acylated cysteine residues in proteins such as trimeric G alpha proteins, GAP43, ZDHHC6 or HRAS (By similarity). Deacylates GAP43 (By similarity). Mediates depalmitoylation of ZDHHC6 (By similarity). Has lysophospholipase activity (PubMed:10064901). Hydrolyzes prostaglandin glycerol esters (PG-Gs) (PubMed:25301951). Hydrolyzes PG-Gs in the following order prostaglandin D2-glycerol ester (PGD2-G) > prostaglandin E2 glycerol ester (PGE2-G) > prostaglandin F2-alpha-glycerol ester (PGF2-alpha-G) (By similarity). Hydrolyzes 1-arachidonoylglycerol but not 2-arachidonoylglycerol or arachidonoylethanolamide (By similarity). H2O + S-hexadecanoyl-L-cysteinyl-[protein] = H(+) + hexadecanoate + L-cysteinyl-[protein] H2O + prostaglandin E2 1-glyceryl ester = glycerol + H(+) + prostaglandin E2 1-hexadecanoyl-sn-glycero-3-phosphocholine + H2O = H(+) + hexadecanoate + sn-glycerol 3-phosphocholine 1-octadecanoyl-sn-glycero-3-phosphocholine + H2O = H(+) + octadecanoate + sn-glycerol 3-phosphocholine 1-hexadecanoyl-sn-glycero-3-phosphate + H2O = H(+) + hexadecanoate + sn-glycerol 3-phosphate 1-hexadecanoyl-sn-glycero-3-phospho-L-serine + H2O = H(+) + hexadecanoate + sn-glycero-3-phospho-L-serine Ubiquitous; detected at low levels. Belongs to the AB hydrolase superfamily. AB hydrolase 2 family.