I have a very severe peanut allergy. I'm 33. I have an absolutely full social life - I eat in restaurants, I go to dinner parties, I go on holiday abroad.
My parents took the attitude that rather avoiding all possible risky situations they should take me to parties, to friends' houses for dinner, on holiday abroad and use the opportunity to teach me how to keep myself safe.
There are certainly people out there who won't eat at restaurants, eat at parties etc. due to allergies. This is not the approach I will take if I have an allergic child myself. With common sense, lots of checking ingredients and increasingly-helpful restaurant staff as education about allergies increases, I believe that you can still experience life to the full.
I have an allergy list that I send to friends who want to cook for me. I have allergy cards I have created explaining my allergies in Italian, German and Spanish (and I speak French) so that when I am on holiday I can communicate my dietary requirements to the chef.
I am life-threateningly allergic to peanuts, cashews, walnuts, pistachios, brazil nuts, lentils and chickpeas. I also have allergies to all other nuts. All of these ingredients are relatively easy to avoid if you take care.
I'm not going to lie - I've eaten nuts inadvertently a few times, but have only had one life-threatening reaction. With the right medication (epi-pens, antihistamines) and not being hesitant in using them most allergic reactions can be stopped before they become life-threatening. Most of the fatal cases we hear about involve the patient not administering their epi-pen. If you always carry the meds and use them straight away you can keep yourself/your son safe for the rare occasions a mistake is made.
This is a manageable condition and although it might seem scary now, you will find ways of handling it so that your son enjoys a full social life. 