That is quite some rust!
The same happened to me. I welded a nut on the other side and was able to get the rest of the bolt out. First I cut the middle part of the bolt, which is visible, away so the rust does't need to go trough the thread. I had to get the whole hub on the bench to get the rest of the bolt out. You should be able to get the shock absorber out because there is no clamping force anymore.