Do I think you're overly critical based on the information presented here? Not at all, though this may not be the whole story. It sounds like your advisor didn't fulfill his role by ever actually advising you.
Should you acknowledge your advisor even though they've been absent for most of the thesis process? Yes, you should. Not doing so will raise red flags and, since he is well-known in his field and an established researcher, those red flags will reflect poorly on you. In addition, slighting him like that, whether he deserves it or not, might make him think twice about being your reference for either further schooling or a career. If he is that well-known, this again will look bad for you. Furthermore, acknowledging him doesn't necessarily raise his prestige, but it can raise yours, assuming you meant well-known in the sense he's respected in your field for his work.
That being said, your acknowledgement doesn't need to be waxing poetic about his many virtues. You can simply thank him for being your advisor and helping you through the process (he signed papers and agreed to be your advisor so technically, this is true). A sentence or two and you're done without lying and without snubbing him.
Probably not the advice you want to hear, but I think this is the most likely to get you through without potentially causing backlash. I'm not an expert though. If anyone else has experience with this sort of thing and disagrees, I'd love to hear from them.