Only for 4+ physicals would you run both. In terms of team comps, 5 physicals is troll (but you might see it). 4 Physicals leaving a tanky solo/support as lone magical is troll (but you might see it). 4 Physicals in a serious team comp is generally run with a mage mid 90% of the time, and is the main situation im describing, and in all those situations I would likely go Lotus into Sov after boots.
Situationally I'd say it's okay, but I'd still go with Lotus if you're choosing only one of the two. Granted, the prots are situationally applied w/ Lotus, but the protection amount is a bit higher and the other stats just seem better overall...though I guess there's also a case for the significant health and HP5.
Although as Kriega mentioned into a case where there is 4 physical damage dealers on a map where all the PvE is physical as well, stacking the aura HP5 and 15 prot with your ability healing plus 20 prot would make your backline seriously tanky and able to heal poke fairly quickly too. Also an extra 10 from Thebes if you're building that too.
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I would go Lotus on all 3 of those gods (Sylv, Terra, Yem). Also the MP5 is helpful.