Yes, it is possible for yeast to decompose hydrogen peroxide and they do so with an enzyme called catalase.
Catalase, present in the peroxisomes of nearly all aerobic cells, serves to protect the cell from the toxic effects of hydrogen peroxide by catalyzing its decomposition into molecular oxygen and water without the production of free radicals. The mechanism of catalysis is not fully elucidated, but the overall reaction is as follows:
2 H2O2 --> 2 H20 + O2
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