Hmm, not sure what size the studios are. Yes compared to other one bed apartments the one we had was a bit smaller, but not uncomfortably so. There is only room for a small table and two chairs on the balcony, but you could take out one of the chairs from the room for your wee one to sit on if you all wanted to be out toghether. One thing I would do is email the hotel nearer the time (maybe a week or two before you go) and ask for a high floor. We were on the side opposite the pool which was fine, but we were on the first floor right above the generator room for the air con and it was a bit noisy.
No all inclusive option available at the hotel either.