Hose protectors serve a very specific purpose, which mostly does not apply to individuals.
Individuals tend to dry their regulators and then store the regulator with the hoses curled up in a regulator bag or similar. There is no prolonged stress on the hoses.
Many dive centres store their regulator fleets hanging up, with the hoses dangling from the first stage down. There is prolonged stress exerted on the hose from the second stages or SPG getting pulled down by gravity. This stress will manifest itself right after the crimp on the hose.
Many rubber hoses will develop cracks in the outer shell of the hose and braided hoses can develop an ugly sharp bend right after the crimping. Neither of these by itself means the hose is definitely unusable, but besides the ugly optics, damage can propagate to the inner tube over time.
I have heard many seasoned divers and especially tech orientated people denounce hose protectors sharply. The reasoning was always that the protector may hide damage otherwise visible by the naked eye. There is for sure some truth to it, but pulling a hose protector back by a bit every now and can take care of that.
If your regulator is hanging for prolonged times, a hose protector makes absolute sense and is exactly what this item is designed for. It was never designed as an overall protection for the hose during use, but for protection during storage. Whether a hose protector makes sense for you personally therefore heavily depends on your scenario and how you store your regulator.