I forgot something! Although Timey missed out in his home Child Timeline on ever being acknowledged for saving the world, there is another timeline that certainly did not forget. The Wind Waker takes place in the Adult Timeline, following what is called the Era Without a Hero. This refers to the disappearance of Adult Link due to Zelda sending him back to his childhood at the end of OoT. However, those deeds and events actually did take place in this timeline that remained, with a lonely Zelda but also a land of peace.

In recognition of the great Hero of Time who saved their land, the people of Hyrule rightly erected a noble statue of him within the castle. This statue can be seen when you travel to the kingdom beneath the sea in Wind Waker. They also (at this time, 100 years later) have many tales and legends of this hero, including replicas of his trademark green clothes being an important part of a coming-of-age ritual for young boys. This custom carries through even to another hundred years aftewards, when all the guards of Hyrule Castle wear a green uniform designed after this garb.

His disappearance, of course, allowed Ganon to attack Hyrule unopposed when he managed to break his imprisonment from the Sacred Realm, but people don’t seem to hold resentment over this, and still have a high regard for Timey. So although he’ll never know, he was indeed revered and respected in this parallel timeline that we get to see but he, unfortunately, doesn’t.