I'd say he needs a fair bit more than that, though I'm not sure what else you can do with his elbow issues - is he able to be properly mobile now?
Because they're such great pets, I think it's easy to forget that labs come from working stock and need a fair bit of engagement to settle, especially when they're young.
I would add in things like:
Teaching him to "find it". Start of easy - hiding a ball in a cardboard box in full view, for example, and getting him to sniff it out. Slowly you can make it harder and eventually you'll be able to say, leave him in the garden, hide stuff in the house and send him to find it all with his nose.
Try "ditching the bowl" - feed him all his meals from enrichment toys - stuffed kongs, snuffle mats, lick mats etc. Make him work for all his food and it will tire him out much more than just being fed from his dish. If he's fed dry, you could also scatter all his food in the grass for him to find.
Long, slow sniffy walks. Let him pick the pace and direction (within reason obviously) and just let him sniff. Even if you only get half a mile, 20 minutes of sniffing is equal to an hour of exercise in terms of tiring him out.
If he's physically fit, you could also look at things like agility, man-trailing or even some professional gun-dog training. He doesn't need to go on shoots, but a gun dog trainer will be able to teach some proper work - sits, retrieves etc.
Good luck!