The circuit gives absolute value output for AC as expectable according to ACPL-214 AC function. The symmetric output is however strongly idealized, ACPL-214-500E CTR can vary in a range between 20 and 400 % (20:1).
The optocoupler is intended to isolate "digital" (on/off) signals, not analog measurements. std_match mentioned a possible solution for analog optocoupler operation, you can refer to Vishay IL300 as an example
https://www.vishay.com/en/product/83622/