Hey, MT.
Extra aeration isn't harmful, but I agree that it isn't necessary. Most aeration comes from surface agitation, not from bubbles in the water, so an HOB gives you plenty. If you like the look of the bubbles, though, they don't hurt anything. The only possible problem is if you have fish (bettas, gouramis, lots of others) who don't like much water movement. But I don't think that will be a problem for mollies.
I agree that you need to get your nitrite under control; keep doing big water changes until your tank finishes cycling (nitrites and ammonia zero). I'm a bit worried about that foam, too. Are the bubbles popping almost immediately, but spreading out like that because there are just so many? Or are they lasting several seconds like soap bubbles? A quick video would help us figure out what's happening there.