I'm surprised this is up for debate.
I looked into logging in protobuf when I was seeing if there was a better binary encoding for ring-buffer logging, along the same lines as nanolog:
https://tersesystems.com/blog/2020/11/26/queryable-logging-w...
What I found was that it's typically not the binary encoding vs string encoding that makes a difference. The biggest factors are "is there a predefined schema", "is there a precompiler that will generate code for this schema", and "what is the complexity of the output format". With that in mind, if you are dealing with chaotic semi-structured data, JSON is pretty good, and actually faster than some binary encodings:
https://github.com/eishay/jvm-serializers/wiki/Newer-Results...