Catalyzes the hydrolysis of acyl-CoAs into free fatty acids and coenzyme A (CoASH), regulating their respective intracellular levels (PubMed:10578051). Preferentially hydrolyzes palmitoyl-CoA, but has a broad specificity acting on other fatty acyl-CoAs with chain- lengths of C8-C18 (PubMed:10578051). May play an important physiological function in brain (PubMed:10578051). . This is the function of ENSG00000097021 (ACOT7, acyl-CoA thioesterase 7).