I wouldn't use that circuit as a direct guide. The supply voltage of its line driver IC is 12V, so a 12V TVS diode would seem OK to protect its inputs. The MT7555N line driver in your application may have a lower supply voltage, so a lower rated TVS diode would be required. The circuits I have provided are only useful insofar as they provide a general insight into what is going on at the AFE (analogue front end).
Here is a telephone DAA circuit which uses a bidirectional 5V TVS diode to protect the line driver:
http://locus-engineering.com/wp-content/uploads/2018/08/E2210-Telephone-Line-Interface-DataSheet.pdfIt seems to me that the current in the TVS diodes is limited only by the turns ratio of the transformer and the resistance in the local loop and C200 (?). Could C200 be shorted?
The ringer frequency is 20Hz, and C433 in the reference circuit is a 0.033uF 630V film capacitor. This has an impedance of 240 Kohm at 20Hz. Therefore the ringer current flowing in the TVS diodes would be about 0.4mA, assuming a transformer turns ratio of 1:1. That would result in a dissipation of less than 1mW.
Therefore it seems to me that C200 would be a prime suspect, assuming there is no primary-to-secondary breakdown in the transformer.