The driving thing will be an issue, with the full skip he wouldn't get is license until senior year, but we discussed it with him. Not that he can fully grasp that right now as far as how it will feel when his friends can drive and he can't, but in the scheme of things it doesn't feel like a reason to hold him back.
Kids don't have the same interest in driving today. As an anecdote, my eldest has been old enough to drive for a year and is showing no interest. The other day, he and a small group of his (senior class) friends wanted to go to a cafe, and they took the bus because none of them had a license.
Here's non-anecdotal evidence:
Teens are less interested in driving This link was just the first one that came up in a web search. There were lots of similar news stories.
Either way, if the trend continues, your son likely won't be the only kid in 11th grade without a license.
I agree that it's not a reason to hold him back in any event.