Lacquer thinner is definitely used in paint , but it depends on the paint .
There are acrylic formulations that will react negatively to it's inclusion and some are designed so their performance can be modified with the use of " lacquer thinner " .
I put that in quotes because " lacquer thinner " can mean all different things .
Most of the lacquer thinner you will find at hardware stores or big-box stores is formulated without MEK and minimal if any toluene these days , due to toxicity . They are mostly acetone and methanol , along with mineral spirits ( basically - it will be indicated as " petroleum hydrocarbon mixture " in the SDS ).
Home Depot stopped selling MEK altogether and now sells " MEK Substitute " , which is ethyl acetate -- which you will also find in small amounts in modern , consumer-grade lacquer thinner .
The hobby paint companies such as Tamiya , AK , Gunze etc , all make " lacquer thinners " for use in their respective coatings .
These formulations usually contain various alcohols along with ketones similar to acetone such as pentanone .
Since the chemical properties of these components are very similar across the range of lacquer thinners available , they can be interchanged but this will change the characteristics of the paint application and curing .
There's many acrylic paint formulations that turn to snot if you add any type of alcohol , and since the majority of lacquer thinners consist of several alcohols they cannot be used .
The new AK " 3rd Generation" acrylics is one of them . -- but their " Real Color " is a "lacquer acrylic " and is designed to be thinned with alcohols and their " lacquer thinner ".
There are modified alkyds ( enamel ) in rattle-cans such as Rustoleum's " 2X " series that utilize acetone and butyl acetate in the vehicle .
For reference , Tamiya's Extra Thin is half acetone and half butyl acetate .
These solvents provide superior adhesion on polystyrene but do not damage the plastic during application due to the concentrations involved .