As a physics professor, I agree with @ucbalumnus that a college calculus-based physics sequence is not the same as AP. I was able to take Calculus and physics courses at UIUC while in High School and it was very useful for me. I was able to finish my physics degree in 3 years, take a second chemistry BS and take lots of CS and EE courses which have helped me in my career as an experimental physicist.
That being said, I have seen many students come into our physics program at Illinois Tech with AP credit and they have done quite well. The important thing is for your son to do what he is most comfortable with now. He sounds talented and motivated and that means he will probably do fine, whatever decision he makes. I wouldn’t overthink the situation but taking a physics for physics majors sequence is definitely better than the engineering one.