It's not just a serde. One of its key use cases is eliminating serde.
If I convert an Arrow int8 array to normal python list of int's, will this involve copying?
Incorrect. Only Arrow Flight embeds the Arrow wire format in a Protocol Buffer, but the Arrow protocol itself does not use Protobuf.
Sadly, the latter isn't (yet) well supported anywhere but Python and C++. If you can/do use it, though, data are just kept as as arrays in memory. Which is exactly what the CPU wants to see.