They are not children. They are not designed as our children, let alone as humans. They would be a result of our experiments, but that doesn't mean they have the evolutionary drive of children/humans, or carry our genes.
And even if they were, the impact of digitalization of human consciousness is extremely unpredictable, and should not be allowed unless extensive research has shown it is safe.
Digital consciousness with human like motivations could lead to massive proliferation of such consciousnesses, resulting in massive overpopulation, making conscious entities 'cheap', and pushing the value of their/our labor to close to zero.
>>If there are existential risk in the process, those risks will be most effectively managed by a combination of us and other AIs
The existential risk is that they take over the economy because they are orders of magnitude faster at solving problems, and at reproducing. That is not something that can be managed.
We have a duty to our own species' survival and none of these sentimental feelings should get in the way of that. We should treat conscious AI humanely, but we should not allow it to interact with our civilization. It can live on its own, far from us.