You have finally tempted me out of lurking. I don't have children, don't plan to, but I come on hear mainly to learn so I can offer support to my sister in law, with her newborn. Babies are still a mystery to me, but I have been involved in dog training for nearly 4 years - no qualifications though.
You have already had some fantastic advice. I have two Labradors - one aged 4 and or aged six months. I honestly forgot how god-awful and annoying puppies can be at times, but I still love mine!
Labradors take their time growing up. My big dog was very bouncy until he hit two years old and he has honestly matured into a lovely, placid boy. I would trust him (but never leave him unsupervised) with children. He hasn't got an aggressive bone in his body and I know many people who would love to take him home. However, at six months old he was exactly the same as my current pup, and yours from the sound of things. I read somewhere that labs are at risk of being rehomed from around the age of yours, because of their energy levels. I will never regret working through that time with my big lad. My pup is a character. Well developed sense of sarcasm, fearless and not subtle. But he WILL be a lovely big boy.
My advice - crate training, or at least a safe space when you are out is key. Our big dog had to earn the run of the house, and we didn't try it until at least 18 months. The best thing to do is put your dog in the crate tired. Never use it as punishment, and leave your dog be when he is in there. He will associate it with calm and good things. One thing about labs - they can run all day but make them use their brain and it tires them out very quickly. Make him find hidden treats under supervision, give him interesting toys and then let him rest.
Give him things to chew, so he doesn't find stuff in your house. Rawhide is good but I would never leave my dog unsupervised with it as it is a risk of choking. Try a nylabone, or a Stag Bar (a piece of antler), which will last. Filling a Kong with biscuits, adding a touch of water and plugging it with peanut butter and freezing it is also an option.
Teething is probably a factor. Knotted, wet frozen tea towel was soothing for the big dog. Puppy crunches on ice cubes (nice!).
Ongoing dog training is also invaluable. My trainer ran a week long "boot camp" that helped my big dog grow up.
The "op" will also help. I managed to wait 9 months before the op for the big dog. On the pup's six month birthday, I was very ready to book the op. Every dog is different. Remember though, it will take a few months for the testosterone to leave his body.
Hope that helps. At the end of the day, only you can decide if you and your family can stick with it. If you can't cope, please, please find somewhere with a policy of non euthanasia. Labs can give so much.