Also you should try to find other faculty (and possibly postdocs) to advise you who aren't your supervisor if at all possible, and try to form an informal group of grad students to meet periodically to discuss research and grad life in general.
And remember it is a marathon not a race, so overworking is usually unproductive unless you are up against a strict paper deadline (even then it's unproductive but may be worth it in the short run.)
My first half was with a supervisor similar to what OP described. Fortunately I was able to transfer halfway through to a much better supervisor. I have seen both sides, having a good supervisor makes a massive difference.
Even so, now that I am finished, the emotional drain of the first two years and lack of time to properly recover has left me completely BURNT OUT.
OP, please take the advice of musicale, it is EXACTLY RIGHT.
I am a little dissapointed to find many comments here putting the responsibility on the (prospective) PhD student. I'm sure this is the case sometimes. In my case I was absolutely happy doing independent research at all times in my life apart from with this horrendous supervisor who, at all turns, made it difficult to do good science.
But in general direct or indirect retaliation is a risk and is why it is so important for you to do something ASAP.
I don't know all the details of your situation but based on what you said in OP it might be advisable to switch. The sooner you do the less time you might 'waste' in an unfruitful project and the less time and money the supervisor has invested in you, so they might be less likely to retaliate.
Further, it also might be considered 'professionally embarrassing' for the supervisor if you ask to switch during the PhD. At the stage you are now you could probably change in a way that saves you hassle and the supervisors face by diplomatically posing the change as a mere change in 'academic interests', i.e. slightly different project with a favourable supervisor.
Of course you should suss out the possible alternative supervisors first and try and meet them and their students to make sure they are actually favourable to your current prof.
These are just the first points that come to mind, happy to answer other questions if you would like (see my gmail in profile).
Either way, try if you can, and don't hesitate to stop with the current supervisor if it's just not working for you. No reason to continue on an unhappy path. It's always worth choosing your own sanity.
Joing a top institute is starting training with olympians: most of us can't keep up, but that's fine. Join a local fitness club instead, and suddenly you can. You won't win medals, but you'll still learn a shit-ton, do good research and have fun.
So many people think they're too good to apply for a school like Ohio State or Boston University, but then themselves are not constantly performing at the highest world caliber.
From that short sentence it seems that your supervisor is doing a lot of things at once and you are low in the priority list. I don't think it's personal (unless you have clear evidence for the contrary).
If you're not ok with that (some people prefer being able to work in peace) and you cannot change it (some profs are like cats, show them something interesting and you'll have more of their attention than you ever wanted) see if there is someone else around to help. Are there any postdocs or other seniors who could fill that hole? Also talk to the other PhD students and see what their impression of the supervisor is.
It is very important that the supervisor/group and you are at least a decent fit. Think about what kind of working conditions and supervision you need, (and what would be harmful), and then consider if the match is good enough. (For example, do you want to be left alone or do you need closer mentoring? What kind of mentoring? Do you want to work with peers?) If in doubt about something major, you could also try to talk to the supervisor directly.
The most important thing for your mental health is mostly not the research question but your research conditions. Please take care of yourself.
They will not. I have seen what a bad supervisor does to his students and it is not good. If you insist on the madness of a PhD, at least find a supervisor willing to treat you as a human being.
It is important to periodically evaluate whether or not your situation is a good one. If it is not, it may be time to make a change.
The structures of academia can lead to outcomes where good-intentioned people to take actions (or often, inactions) that are, in an absolute sense, abusive. When academia is good, it can be great, but is essential to recognize when things are not okay and take steps to make them better. Communication is often a great first step.
A wise friend once passed on an aphorism that has been useful to me: "Hope is not a strategy."
Are you sure this is a deliberate strategy