There are dozens of different acrylic and latex formulas but the main difference is quality acrylic polymers are better. They can reduce slake times, mix more consistantly, provide better bond strengths.
First indications of superior thinsets is obviously seen in the pricing. They are usually the most expensive.
Latex mixes require longer mixing times and slaking just to get them to emulsify. Acrylic polymers don't.
Latex works, but is inferior to really good acrylics.
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Randall