Hollywood actor, it's appreciated, has no time (5)

I believe the answer is:

hanks

I'm a little stuck... Click here to teach me more about this clue!

'hollywood actor' is the definition.
'hanks' can be an answer for 'actor' (I've seen this before). I am unsure of the 'hollywood' bit.

I cannot understand how the rest of the clue works.

Can you help me to learn more?

(Other definitions for hanks that I've seen before include "Leading actor" , "Henry's" , "US actor" , "supply of wool" .)

I've seen this clue in The Independent.

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