Your deduction is correct: it's a wrench designed for disassembly of pedals. Those who guessed that it's a wrench for Helicomatic hubs---note that the round openings in the wrench are a little too small to fit the Helicomatic lock ring.
The round opening with the fine teeth is for Campy and Campy-style pedal caps. The other is for some other pedal that would have been current at the time, though I don't recognize it. The hex openings are for the locking nut and cone of the pedals.
Editing to note that the tool is meant for pedals from the classic era of Campagnolo components, when many of their designs remained unchanged (aside from minor variations, such as replacing steel bolts with titanium for Super Record rear derailleurs) for literally decades.
Last edited by Trakhak; 06-26-23 at 05:52 AM.