Monotheism or Monolatry?

I am curious to see where members of the CJCLDS align on this nuanced perspective of Mormonism. Is the Church monotheistic (Only one god exists) or Monolatristic (worships one god, but believes others exist). I know that there is doctrine of God having a father (officially or unofficially), and that they may become gods one day via exaltation. But what is your takes on either official doctrine, or what is your personal beliefs regarding these two categories and how the Church fits in them?

This question comes from a place of genuine fascination of beliefs and viewpoints, and not an attempt to demean or label anyone.