How is protect useless? Modest is much better, and I'll tell you why.
With timid, you're a lot weaker. Yanmega should always be using the ability speed boost, so timid is pretty much a waste of a nature. Protect will ensure that you always get in at least on speed boost. Even if you run timid, alakazam, azelf, weavile, sceptile, starmie, raikou, infernape, mismagius, garchomp, charizard, zapdos, and salamence all outspeed you on turn one, or for the entire battle if you're running tinted lens. If you go modest with speed boost, you're going to be faster.
Protect also helps scout choice users. Without the speed boost from protect, stuff like nasty plot azelf is quite likely to run all over your team.
Need I say more? Because I will.