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According to in-vivo and ex-vivo studies done by a manufacturer, this ingredient works well with UV filters:

One thing worth noting: a controlled study found this ingredient applied under occlusion to acne-prone subjects increased microcomedones. Just keep in mind this was under occlusive conditions and don't reflect how most products are used day-to-day.

For most people, this is a well-tolerated and lightweight ingredient.

This ingredient may not be fungal acne safe because it is an ester of palmitic acid, a C16 fatty acid that falls within the C11-24 range that Malassezia can metabolize.

Once there, it acts as a matrikine, a signaling peptide that prompts fibroblasts to produce more collagen, fibronectin, and hyaluronic acid.

In vitro studies show it can boost collagen production in skin cells even when UV-damaged skin samples were treated with it at a tiny concentration (it almost fully restored dermal collagen at 5ppm). It achieved this at 100x lower concentration than retinoic acid, which needed 500 ppm to do the same thing.

Human clinical data is promising, but modest:

A study of 23 female volunteers found a small but statistically significant increase (~4%) in skin thickness after treatment at 4 ppm.

A separate small trial of 15 women showed statistically significant reductions in wrinkle length, depth, and skin roughness after applying it twice daily for four weeks.

You'll likely see Pal-GHK paired with Palmitoyl Tetrapeptide-7 as part of the Matrixyl 3000 complex.

Fungal acne note:
Usually a palmitic acid component can feed Malassezia in unbound form, but here is is covalently bonded to the peptide. This means it is very difficult for Malassezia to access, and therefore very unlikely to cause fungal acne.