Peter stated that Jesus was the Son of the Living God, as distict from the son of any other god; and furthermore, he was the Son, not just a friend, good man or anyone else - but the Son. This was a profound statement. It reminds me of Psalm 2:

I will declare the decree: the LORD hath said unto me, Thou art my Son; this day have I begotten thee. Psalm 2:7

CS Lewis[1] wrote: "You must make your choice. Either this man was and is the Son of God: or else a madman or something worse. You can shut Him up for a fool, you can spit at Him and kill Him as a demon; or you can fall at His feet and call Him Lord and God. But let us not come with any patronizing nonsense about His being a great human teacher. He has not left that open to us. He did not intend to."

So what should our response be? Perhaps taking the words of the Holy Spirit is best:

[T]hat all should honor the Son just as they honor the Father. He who does not honor the Son does not honor the Father who sent Him. John 5:23.

Arnold Fruchenbalm points out that the fact the son was begotton of the Father where begotten means he was the "unique" Son, not that he came into being at the time of His birth, that is he was not created by the father[2] but rather Christ is from everlasting unto everlasting. What is unique is the Son-Father relationship.

Jesus answered them, "I told you, and you do not believe. The works that I do in My Father’s name, they bear witness of Me. But you do not believe, because you are not of My sheep, £as I said to you. My sheep hear My voice, and I know them, and they follow Me. And I give them eternal life, and they shall never perish; neither shall anyone snatch them out of My hand. My Father, who has given them to Me, is greater than all; and no one is able to snatch them out of My Father’s hand.

I and My Father are one." John 10:25 -30

References

[1] C.S. Lewis (1996), Mere Christianity, Touchstone Books, New York: NY, p.56

[2] Arnold Fruchenbalm, God the Father published on line at: <https://arielcontent.org/dcs/pdf/mbs051m.pdf>