The Yoneda lemma can be realized as the Kan extension along Identity However, having this special instance allows us to define Yoneda f as a monad, comonad, etc. based on whatever properties the base functor has, without limiting ourselves to what Ran f f can manage.

Performance wise, Yoneda may make your monad more efficient at handling a bunch of fmaps, while CoYoneda may do the same for a comonad assuming you require a greater than linear amount of time to fmap over your structure. You can apply each in either role but the asymptotics will probably not be in your favor.