I have a similar situation. I have a male 14 mo. old B-mix. Just got a female 10 week old B-mix. Duke holds the puppy at bay with about everything as you describe. Soon as Daisy has a chewy, Duke takes it away. He puts his body in front of her to keep her from coming to me. It bothers me too. Looks like they are fighting, but unless I hear a yipe, I try not to worry. Daisy gets right back at Duke as they are probably playing. She has a couple of escape places that she'll use and then tease Duke like "na-na! you can't get me!" The advice I got about the situation is:
Don't be too concerned about the dogs roughness with each other. You can usually tell when it's getting beyond play. Puppy's like to push the limit and the older dogs hold the line. Sometimes we humans get more excited over things in the dog's world that we don't understand.