We had the season pass this last year (still good until July 2019) and we've been to Sea World 4 times in the last 6 months. Fast Pass is not necessary IMO... but obviously depends on the day you go. There are several shows that we enjoyed over and over again (we have an 1yo and a 3yo). There have been times when my wife or I could go back onto the same ride 3 times in a row because there's no line...
Also, we got the season pass because when we were getting it, wife found out that all we had to do is going twice to break even (the cost of season pass), plus we got free parking, and we also got 2 voucher for the all-you-can-eat food bracelet (that we had to use right away).... so we've more than made up the cost several times... and we also get into Aquatica for free (water park). Speaking of which, your 7yo would probably enjoy Aquatica.