If someone better informed than me can please explain - where and why would something like Protocol Buffers be useful?
A reasonable move is to version said API and have an ops team that ensures that all in-use versions of the API stay running. Some consumers will be on the bleeding edge, your team's application for example while others will lag behind.
Using proto* in this case is a reasonable move because you gain multiple benefits, performance being perhaps the least important in this case. Having a defined schema for your API provides some level of natural documentation for the API. Code generation allows your team to publish trusted client libraries for multiple languages.
I'll specifically call out client libraries since I've seen it make a dramatic difference in organizational efficiency, mostly to do with team to team trust levels. Without a client library the testing situation becomes a significant burden, read up on contract testing. When the team that's publishing an API also creates the client that most directly calls that API, the client library is the testing surface instead of every consumer of the API needing to test the API itself for regressions.