No, acetone is used to reduce the pressure of the acetylene for a given tank capacity. High pressure acetylene is dangerously explosive, but you don't need a high pressure to get a decent amount of it in tank if you first fill the tank with wood chips soaked in acetone. Those tanks are only ~300 psi, as opposed to 2500 or 3000 psi for cylinders of oxygen, argon, nitrogen. (Propane liquefies under fairly low pressure, but it isn't explosive anyway. Acetylene doesn't.)
Correct. I was trying to say it in shorthand and misstated. Acetylene will blow on its own if not dissolved into the acetone.