Dumping college money into a 529 when your child is so young is mathematically a great choice, assuming you pick a 529 with reasonable fees and some decent investment options. Let the next 17 years of (anticipated) gains do the work for you! I can't tell your age, but you all seem to be doing a pretty good job across the board in other financial aspects.
Now of course, the danger is that your child is just 1, and there's no way to know if they are going to be a good match for college. My kiddos are older, and yes they are college material, so I lose absolutely no sleep worrying "what if we can't use the money?" And yeah, with such a long horizon, there is the "will college be free by 2036?" question to consider. I would assume if there were such seismic changes to college tuition costs, that 529 rules would be tweaked to allow for withdraw, but who knows?