We are just recently using up all the WWII and Korean War surplus of 50 Ball and API in Iraq and Afghanistan
Hehe, yes they're used for general use. But against thickly armoured targets we sure don't use WW2 or Korean API rounds, trust me on this one
Now if you meant against Jeeps trucks, well then the 7.62 will easly ruin the engine as-well. But these aren't armoured and the engines aren't as robust as the 12 cylinder engines used in a/c during WW2.
I'm not surprised that it sometimes only took 150 rounds to down a fighter. Usually a pilot will bail out of an a/c which he could've otherwise easily brought home just because he knows that there's an enemy behind him ready to shred him to pieces if he proceeds flying. This happened a lot in the late war years with the majority of LW fighters being piloted by rookies.
As for protection, I don't think German fighters were better armoured than Allied fighters in general, I'd say it was similar. The difference was that German fighters were more powerfully armed.