Is it worth it to get the surgery to fix the labral tear in my hip? I can't do any exercise without pain

2nd opinion. Sounds like you already saw a surgeon and aren't sure about it. Feel free to ask for a second opinion to ease you mind.
You're the judge. Whether we're discussing medications, minor procedures or extensive ones, you're the best judge as to whether the desired benefit is worth the risk. Talk to your surgeon about what are common complications as well as expected recovery & pain control. Unless there's a tremendous down side, it would seem to me to do something so that you can exercise w/o pain. Perhaps get a 2nd opinion from another.