What does the story of Baby Albert demonstrate about ethics?
Different people have different sets of ethics.
"Ethics" may best be described (IMHO) as acting consistent with your beliefs. "Unethical" is anything done that is not consistent with what you claim to be doing.
It is often confused with "right vs. wrong", but those are really measures derived from ethics, not the source of ethics. The controversy over studies like the "Baby Albert" one are due to conflicts between the ethical perspectives of the people carrying out such tests and others.
A more interesting ethical question is whether useful (valuable) data from such experiments should be used.