Apart from the obvious effect a CAP has on the attackers*, there are several other things to consider:
- a CAP may notice seaplanes or submarines which are following Force Z and may chase them off or attack them, which decreases the amount of time the Japanese know where Force Z is. This even makes it possible the Japanese miss it alltogether, because in OTL they atttacked on the return while low on fuel
- flight operations may lead to an attacksolution for one of the Japanese subs in the area
- searchplanes may locate the Japanese surface fleet
- Force Z changed course to investigate something they saw on the radar, which turned out to be a trawler. They may now send a plane to investigate instead
- if possible the Japanese will send in more attacks as long as the carrier and battleships aren't sunk, although losses may make this impossible
* I reckon you can expect 20% of the attackers to be shot down, the big question however if the British will have time to send up more CAP between the waves of attacks. AFAIK know in general torpedobombers had very little success if they were attacked during their approach. The first Japanese attackwave was with bombs however, and had no succes. From that wave several planes will be shot down. From the next waves, out of 49 torpedos 8 hit. If there is a functioning CAP the number of hits will go down a lot.