I would guess it's used in place of a hydraulic chain tensioner when setting timing on an engine with a timing chain. I have a couple similar ones in timing tool sets.
looks like a flywheel puller for a powersports engine. I have several for various PWC/ATV/snowmobile engines that look similar, but mine are all black (cheap aftermarket versions). that one is pretty nice so may be a factory tool...
looks way too big for any modern automotive sparkplug I've seen based on that hex bit next to it. I still think it's flywheel/magneto puller. I googled brass piston stop and they do not have the other non-brass pieces and are much smaller.
but I still can't find a pic of a puller exactly like that....so who knows...
If that's brass I don't think it would be a flywheel/clutch puller. I'm thinking more related towards the plumbing trade. Perhaps a puller to get cartridges out of sink or tub taps