Yes, both isopropyl palmitate and cetyl palmitate has palm oil in it and both are used in cosmetics products. But I personally don't believe that we need to avoid these beauty products altogether because of palm oil.
I read somewhere that out of every ten products we have at the market, one of them has palm oil in it. It's in detergents, bread and our favorite chocolate. We consume much more of these goods than we do isopropyl palmitate in cosmetic products. It's really minimal when compared to all the foods that have palm oil in it.
I also think that rainforest protection and orangutan protection requires us to work on many different factors. Even shrimp production is endangering forests where orangutans live. So leaving all of this and pointing fingers at isoproply palmitate use doesn't make much sense in my opinion.
I think cosmetics with this ingredient is fine for use. Both physicially and consciously.