diff --git a/flow-typed/npm/debug_v2.x.x.js b/flow-typed/npm/debug_v2.x.x.js
index c104d8aaece..675c2fe6fce 100644
--- a/flow-typed/npm/debug_v2.x.x.js
+++ b/flow-typed/npm/debug_v2.x.x.js
@@ -11,10 +11,18 @@
 // https://github.com/visionmedia/debug
 // https://www.npmjs.com/package/debug
 
+interface DebugFN {
+  (...args: Array<mixed>): void;
+  enable(match: string): void;
+  disable(): void;
+  enabled: () => boolean;
+}
+
 declare module 'debug' {
   declare module.exports: {
-    (namespace: string): (...Array<mixed>) => void,
+    (namespace: string): DebugFN,
     enable(match: string): void,
     disable(): void,
+    enabled: () => boolean,
   };
 }
diff --git a/packages/dev-middleware/src/inspector-proxy/CDPMessagesLogging.js b/packages/dev-middleware/src/inspector-proxy/CDPMessagesLogging.js
new file mode 100644
index 00000000000..868a9abdd08
--- /dev/null
+++ b/packages/dev-middleware/src/inspector-proxy/CDPMessagesLogging.js
@@ -0,0 +1,99 @@
+/**
+ * Copyright (c) Meta Platforms, Inc. and affiliates.
+ *
+ * This source code is licensed under the MIT license found in the
+ * LICENSE file in the root directory of this source tree.
+ *
+ * @flow strict-local
+ * @format
+ * @oncall react_native
+ */
+
+// $FlowFixMe[cannot-resolve-module] libdef missing in RN OSS
+import type {Timeout} from 'timers';
+
+// $FlowFixMe[cannot-resolve-module] libdef missing in RN OSS
+import {setTimeout} from 'timers';
+import util from 'util';
+
+const debug = require('debug')('Metro:InspectorProxy');
+const debugCDPMessages = require('debug')('Metro:InspectorProxyCDPMessages');
+
+const CDP_MESSAGES_BATCH_DEBUGGING_THROTTLE_MS = 5000;
+
+export type CDPMessageDestination =
+  | 'DebuggerToProxy'
+  | 'ProxyToDebugger'
+  | 'DeviceToProxy'
+  | 'ProxyToDevice';
+
+function getCDPLogPrefix(destination: CDPMessageDestination): string {
+  return util.format(
+    '[(Debugger) %s (Proxy) %s (Device)]',
+    destination === 'DebuggerToProxy'
+      ? '->'
+      : destination === 'ProxyToDebugger'
+        ? '<-'
+        : '  ',
+    destination === 'ProxyToDevice'
+      ? '->'
+      : destination === 'DeviceToProxy'
+        ? '<-'
+        : '  ',
+  );
+}
+
+export default class CDPMessagesLogging {
+  #cdpMessagesLoggingBatchingFn: {
+    [CDPMessageDestination]: () => void,
+  } = {
+    DebuggerToProxy: () => {},
+    ProxyToDebugger: () => {},
+    DeviceToProxy: () => {},
+    ProxyToDevice: () => {},
+  };
+
+  constructor() {
+    if (debug.enabled) {
+      this.#initializeThrottledCDPMessageLogging();
+    }
+  }
+
+  #initializeThrottledCDPMessageLogging(): void {
+    const batchingCounters: {[CDPMessageDestination]: number} = {
+      DebuggerToProxy: 0,
+      ProxyToDebugger: 0,
+      DeviceToProxy: 0,
+      ProxyToDevice: 0,
+    };
+
+    Object.keys(batchingCounters).forEach(destination => {
+      let timeout: Timeout | null = null;
+
+      this.#cdpMessagesLoggingBatchingFn[destination] = () => {
+        if (timeout == null) {
+          timeout = setTimeout<$ReadOnlyArray<CDPMessageDestination>>(() => {
+            debug(
+              '%s %s CDP messages received in the last %ss.',
+              getCDPLogPrefix(destination),
+              String(batchingCounters[destination]).padStart(5),
+              CDP_MESSAGES_BATCH_DEBUGGING_THROTTLE_MS / 1000,
+            );
+            batchingCounters[destination] = 0;
+            timeout = null;
+          }, CDP_MESSAGES_BATCH_DEBUGGING_THROTTLE_MS).unref();
+        }
+        batchingCounters[destination]++;
+      };
+    });
+  }
+
+  log(destination: CDPMessageDestination, message: string) {
+    if (debugCDPMessages.enabled) {
+      debugCDPMessages('%s message: %s', getCDPLogPrefix(destination), message);
+    }
+    if (debug.enabled) {
+      this.#cdpMessagesLoggingBatchingFn[destination]();
+    }
+  }
+}
diff --git a/packages/dev-middleware/src/inspector-proxy/Device.js b/packages/dev-middleware/src/inspector-proxy/Device.js
index 659946f082f..fc812b44f7c 100644
--- a/packages/dev-middleware/src/inspector-proxy/Device.js
+++ b/packages/dev-middleware/src/inspector-proxy/Device.js
@@ -27,6 +27,7 @@ import type {
   TargetCapabilityFlags,
 } from './types';
 
+import CDPMessagesLogging from './CDPMessagesLogging';
 import DeviceEventReporter from './DeviceEventReporter';
 import * as fs from 'fs';
 import invariant from 'invariant';
@@ -129,6 +130,8 @@ export default class Device {
   // A base HTTP(S) URL to the server, relative to this server.
   #serverRelativeBaseUrl: URL;
 
+  #cdpMessagesLogging: CDPMessagesLogging;
+
   constructor(deviceOptions: DeviceOptions) {
     this.#dangerouslyConstruct(deviceOptions);
   }
@@ -145,6 +148,7 @@ export default class Device {
     deviceRelativeBaseUrl,
     isProfilingBuild,
   }: DeviceOptions) {
+    this.#cdpMessagesLogging = new CDPMessagesLogging();
     this.#id = id;
     this.#name = name;
     this.#app = app;
@@ -173,14 +177,11 @@ export default class Device {
           if (parsedMessage.event === 'getPages') {
             // There's a 'getPages' message every second, so only show them if they change
             if (message !== this.#lastGetPagesMessage) {
-              debug(
-                '(Debugger)    (Proxy) <- (Device), getPages ping has changed: ' +
-                  message,
-              );
+              debug('Device getPages ping has changed: %s', message);
               this.#lastGetPagesMessage = message;
             }
           } else {
-            debug('(Debugger)    (Proxy) <- (Device): ' + message);
+            this.#cdpMessagesLogging.log('DeviceToProxy', message);
           }
           await this.#handleMessageFromDevice(parsedMessage);
         })
@@ -343,7 +344,7 @@ export default class Device {
             sendMessage: message => {
               try {
                 const payload = JSON.stringify(message);
-                debug('(Debugger) <- (Proxy)    (Device): ' + payload);
+                this.#cdpMessagesLogging.log('ProxyToDebugger', payload);
                 socket.send(payload);
               } catch {}
             },
@@ -361,7 +362,7 @@ export default class Device {
                     wrappedEvent: JSON.stringify(message),
                   },
                 });
-                debug('(Debugger) -> (Proxy)    (Device): ' + payload);
+                this.#cdpMessagesLogging.log('DebuggerToProxy', payload);
                 this.#deviceSocket.send(payload);
               } catch {}
             },
@@ -382,7 +383,7 @@ export default class Device {
 
     // $FlowFixMe[incompatible-call]
     socket.on('message', (message: string) => {
-      debug('(Debugger) -> (Proxy)    (Device): ' + message);
+      this.#cdpMessagesLogging.log('DebuggerToProxy', message);
       const debuggerRequest = JSON.parse(message);
       this.#deviceEventReporter?.logRequest(debuggerRequest, 'debugger', {
         pageId: this.#debuggerConnection?.pageId ?? null,
@@ -427,11 +428,12 @@ export default class Device {
       }
     });
 
+    const cdpMessagesLogging = this.#cdpMessagesLogging;
     // $FlowFixMe[method-unbinding]
     const sendFunc = socket.send;
     // $FlowFixMe[cannot-write]
     socket.send = function (message: string) {
-      debug('(Debugger) <- (Proxy)    (Device): ' + message);
+      cdpMessagesLogging.log('ProxyToDebugger', message);
       return sendFunc.call(socket, message);
     };
   }
@@ -609,7 +611,7 @@ export default class Device {
     try {
       const messageToSend = JSON.stringify(message);
       if (message.event !== 'getPages') {
-        debug('(Debugger)    (Proxy) -> (Device): %s', messageToSend);
+        this.#cdpMessagesLogging.log('ProxyToDevice', messageToSend);
       }
       this.#deviceSocket.send(messageToSend);
     } catch (error) {}
diff --git a/packages/dev-middleware/src/inspector-proxy/InspectorProxy.js b/packages/dev-middleware/src/inspector-proxy/InspectorProxy.js
index ce748026bed..69c5a7a14f6 100644
--- a/packages/dev-middleware/src/inspector-proxy/InspectorProxy.js
+++ b/packages/dev-middleware/src/inspector-proxy/InspectorProxy.js
@@ -552,12 +552,12 @@ export default class InspectorProxy implements InspectorProxyQueries {
       const isIdle = this.#isIdle();
 
       debug(
-        "%s heartbeat ping-pong for app='%s' on device='%s' with idle='%s' took %dms",
-        socketName,
+        "[heartbeat ping-pong] [%s] %sms for app='%s' on device='%s' with idle='%s'",
+        socketName.padStart(7).padEnd(8),
+        String(roundtripDuration).padStart(5),
         debuggerSessionIDs.appId,
         debuggerSessionIDs.deviceName,
         isIdle ? 'true' : 'false',
-        roundtripDuration,
       );
 
       this.#eventReporter?.logEvent({