Hydrolyzes fatty acids from S-acylated cysteine residues in proteins . Has depalmitoylating activity towards DLG4/PSD95 . Has depalmitoylating activity towards GAP43 (By similarity). Has depalmitoylating activity towards MAP6 (By similarity). Has depalmitoylating activity towards NRAS .
Subcellular locations: Cell membrane, Recycling endosome membrane, Cell projection, Dendritic spine, Postsynaptic density membrane