The latency of access to a packet-multiplexed uart serial link is the time required to send the longest packet. To reduce latency I would limit packet length (split bulk data blocks) and the consistent low overhead of COBS packets would be very beneficial there. You can only reduce packet length so much until you are better off just switching to some stream protocol, such as you did. You are right that a COBS stream is not suited to being interrupted at short notice, so I understand your preference for reserved control chars and escaping in the scenario you describe. You have traded the efficiency of COBS to gain faster bus access.
Anyway, we are going off topic a little.
I think COBS is a good choice for packetising data in the RPC protocol generator being discussed here.