Yes, you're right. He is frustrated. He's frustrated because there's so much he needs to say and do but, can't.
This when you and your hubby come in and do two things: validate his feelings and show him how to communicate his feelings.
A really cool thing to try is baby sign language. You won't believe the confidence it will give your baby knowing he can communicate even that he's thirsty or he wants more cookies.
There are tons of books on baby sign language.
When you steer him away from dangerous objects tell him exactly why you're doing it. I always used to say "No. That is not for babies. You can get hurt and Mommy will be sad." You may feel nuts speaking to a baby like an adult but, I promise you, he will appreciate it and trust you. Now, not only do you explain as simply as possible that he can be hurt (can also say "That is an ouch!") but offer him something else to learn.
You have to remember how amazing the world is to babies. They are curious and you don't want to squash his curiosity while giving boundaries. So, "the stove is not for babies" but let me show you something else really, really cool" and then introduce something odd that he can touch like letting him stick his hands in a bowl of raw rice grains or fingerpaint or tap on the keyboard or anything safe that is "new" to him. I used to open a new Word document and make the font large and bold and help my son hit a key so he can see the consequence. Explain every thing that's happening in simple terms but real terms. He'll get it eventually and like I said appreciate you and trust you and have so much confidence in himself. My son is 3 now and can type his own name!
Your baby just feels so helpless and is overwhelmed with world.
Sign language also helps them to speak sooner which will also help curb frustration.
Have fun teaching your baby the world and building his confidence.