Glad you took the upgrade!
Let me add the following thoughts, especially for others in the same situation regarding young children. And let me preface by saying we are anything but 'balcony only' people. We would likely never choose a balc for an Alaskan cruise, for example, given the price differential and the way we utilize it as a couple. Simply not worth it to us. There are those that have a different opinion. More power to them. But it gives the reader some perspective on how we value different cabins and where our bias lies.
So in your example of sailing with a 7 year old balcony utility goes WAY up. The balcony provides a 'quiet space' away from your sleeping child; both for morning coffee and for an evening bottle of wine. That's so valuable when traveling with children allowing mom and dad to readily enjoy the cruise while at the same time keeping an eye on their child/children. As they get older, we're also very much in favor of the 'across the hall interior' when both adults and teenage kids value a bit of privacy. Our kids shared an adjacent room during their HS years as I recall.