Nature has another elegant solution, often applying both in conjunction: aging. As I age (and, yes, take care of my kids), I find myself more and more on the side of exploit in the exploration–exploitation dilemma. This will most likely endure after the kids have left.
However, like every other solution built by Nature, this one also works through pain, suffering and death. Nature doesn't care if you're happy, nor does it care if you're suffering. And it especially doesn't care if your suffering is a low-burn, long-term pain in the depth of your heart.
So yeah, having kids will force you to make choices and abandon frivolities, in the same way setting your house on fire will free you from obsessing over choices for unnecessary expenses :).