Hi Murali,
I am far from being the expert on Cobalt. That said, here are some resources that can get you started while we wait for hopefully someone more informed than me to chime in.
From looking at build definitions I'm assuming that Cobalt uses gRPC, which is roughly speaking protocol buffer (aka protobuf or proto) wire format over HTTPS.
I haven't seen an analysis of Cobalt's network performance in quantitative terms such as data overhead.
I don't have experience working with Narrowband IoT so I can't answer the qualitative question.