No its not over action. When everybody in the world can see that a player who should have won the ICC player of the year award is not even in the list and ICC is doing nothing about it then you must boycott such dummy awards.
If this continues (PCB Boycotting Awards), then eventual step ahead is ICC will ignore Pakistani players for next awards. If someone misses out once, it doesn't mean that person will miss out for life time, unless he messes up with the organizer.
You know what would be the result of boycotting awards- Every time PCB fails to see their players nominated and then every time they will boycott, which will be the trend to follow.
Also, just because a player from your country misses out to get nominated, you shouldn't call those awards dummy- in fact the World Cup itself is being conducted by ICC, and why do you want Pakistan to play in a tournament what someone organizes who also give dummy awards?