More than "only" the excavations
The village of Acrotiri is one of the most original villages on Santorini, because it is not a target of mass-tourism like the most villages on Santorini island. It is worth a visit! There are nice chapels and lanes and on top of it there is the Venetian castle with its little museum of backpipes. The village is also a good starting point for hikes around the Acrotiri peninsula with its many geological highlights of old volcanoes. The first one can be found north of the village in the bay of Balos. There are rare rocks to be found there and there is also a nice beach with the good teavern Remezzo. You can also find a good accommodation there, like the Guilelmos hotel with its great view into the caldera of Santorini.
On the other hand, you may walk to the excavations in about 20 minutes from the village. There you will also meet the south beach with its nice hotel Acrotiri and the bar of Matthios Arvanitis. If you follow the coastline right hand, there are a few nice taverns. The most original is the "Cave of Nikolas" where Margarita cooks the best local food.
After 300 m you will arrive at the volcano cone of the "red beach". It is nice for a swim, but keep distance to the steep walls due a possible rock fall. If you walk further, you can go in the direction to the light house of Acrotiri (around 1-2 hours from the red beach). First you will meet the uplifted volcanic pillow lavas (grey rocks rich in calcedon, opal and zeolithe). Later you arrive at the chapel of Agia Markela. The little rocky road will bring you to the uplifted (a magmachamber below) hill with the chapel of Taxiarhes. From there it is easy to walk over the fields in direction to the light house. You may have a stop to refresh at Captain Dimitri´s tavern with his fresh and tasty food. The light house is a great place to watch the sunset and there are also some interesting geological items.