Saurus Warriors have a default armor of 60 in the Total War Warhammer series which is like the lowest level of heavy armor so to speak. So not as well armored as a Bretonnian Foot Squire or Imperial Greatsword (basically a foot knight) but comparable to lighter mail and the like used by more middle tier infantry such as Kislevite skirmishers or the like. Maybe comparable to the bog standard Rohirrim armor as opposed to the plate armor used by the Gondorian soldiers or Uruk Hai.
Of course like all good cinema, armor is basically made of paper that can be easily carved into by a ghoul with a breadknife but still. I wouldn't go out and say that Saurus Warriors are somehow scaled (get it?) directly to hitting a chunk of iron ore regardless of what flavor text says. Maybe it's more comparable to SCALE MAIL... heh... Okay I'll stop.
I haven't read much lore on the Lizardfolk but if Lustria was ported into Middle Earth, either their cosmology is completely separate or it somehow fits into the Tolkien mythology. If it's the latter then whatever the intention of the Ainur is (and likely the Valar specifically) would be a substitute for the Great Plan and Precusors that the Slann leadership has so much affinity for.
But in proper Versus fashion, if they were attached to Middle Earth in a vacuum, then the Slann would have to prognosticate what to do and the Slann are so smart and perpetual that it could take ages for anything regarding a foreign policy directive to be figured out. If the Lizardman act defensively or passively, then that would work into the favor of the Forces of Good in Middle Earth.
The Lizardmen are probably more then content in just hanging out in Lustria doing stuff. That's how it had been for many millenia after The Great Catastrophe. But Sauron being Sauron would likely want to corrupt and/or pillage the Lustrian lands. But if the overwhelming forces of Chaos and their Gods couldn't even influence or corrupt the Slann Mage Priest leadership or their subjects in the slightest whatsoever during the Great Catastrophe, there is absolutely no way Sauron is going to be able to corrupt them or even properly manipulate them.
This would be doubly hard because Sauron's allies and minions tend to be Goblins and Orcs were are pretty closely related to the Goblins and Orcs that the Lizardmen were basically created to eliminate from their original world by the Great Old Ones. Plus Mordor's alliances with piratical factions like Umbar and Haradrim and his earlier corruption of Numenor would all likely leave a poor impression on the scalies.
The only thing that would save Mordor from retribution is that the Lizardman aren't an expansionist threat and mostly defensive in outlook. They'd likely prevent hostile invaders from creating enclaves in Lustria (there's exceptions with Norsii and colonies from the Southern Realms but they're super small unlike in the game) and do so successfully because Mordor isn't full of hacks like the Skaven are. The Lizardfolk have taken out Dark Elf Black Arks that beached on their property and the lore seems to make it clear that if the Lizardfolk wanted to wipe out the Norse at Skeggi or whatever... they could etc.
But I don't see Lizardfolk marching onto Mordor side by side with Rohan and Gondor or anything. Except maybe after decades or generations of careful negotiations and many prognostications between Slann Mage Priests and non-Saruman Wizardry or maybe certain High Elf Nobles.
Humans and Elves would have an advantage in dealing with the Lizardfolk because apparently their existence is part of the Great Plan after all unlike with filthy Greenskins.