Wow that looked horrific and it is a wonderful miracle that no one was hurt. As purely a learning tool for us all I do agree with #1 and #3 of Mikes. #2 I am not sure I know enough about seeing currents to comment - only know what they feel like.
I know it is easy sitting in an armchair to spot the issues and there is no judgement, but to add to the learning component, I would say that Dad (who granted was himself very worried and concerned) after surfacing did not inflate his BC and looks like he is struggling to stay on the surface I know he wants to get his son back down but son is panicking and Dad would have been in a better position to help if he was bouyant. Also his reg spends a lot of time out of his mouth and granted he is talking to his son but at one point he actually submerges without his reg. Aspirating water at that point would have not been a good thing.
Thank you for sharing this valuable learning tool