We investigated static and dynamic magnetoelectric properties of single crystalline BaSrCoZnFe$_{11}$AlO$_{22}$ which is a room-temperature multiferroic with Y-type hexaferrite crystal structure. Below $300,rm K$, a purely electric-dipole-active electromagnon at $approx 1.2,rm THz$ with the electric polarization oscillating along the hexagonal axis was observed by THz and Raman spectroscopies. We investigated the behavior of the electromagnon with applied DC magnetic field and linked its properties to static measurements of the magnetic structure. Our analytical calculations determined selection rules for electromagnons activated by the magnetostriction mechanism in various magnetic structures of Y-type hexaferrite. Comparison with our experiment supports that the electromagnon is indeed activated by the magnetostriction mechanism involving spin vibrations along the hexagonal axis.