Simple CMake projects using the Ninja generator are very efficient, unless you create generated files.
And if they are in their own targets, they are not really an issue (they would serialize everything that depends on them as you'd expect), but if you have them in a library grouped with other files to compile, then the whole library compilation is serialized.
And obviously worse if you also have to build the generator for the generated files, but that's not a big surprise, you can observe that in full builds of Chromium or its libraries too waiting for protoc if you crank the parallelization a lot.
And if they are in their own targets, they are not really an issue (they would serialize everything that depends on them as you'd expect), but if you have them in a library grouped with other files to compile, then the whole library compilation is serialized.
And obviously worse if you also have to build the generator for the generated files, but that's not a big surprise, you can observe that in full builds of Chromium or its libraries too waiting for protoc if you crank the parallelization a lot.