From what I remember after the first dose antibody response peaks at 5-6 weeks, then begins decreasing. You will have longer lasting T-cells though, so yeah some protection.
Saying that - when the headlines say 'AZ/Pfizer vaccine reduces infections/deaths by X% after first dose, in real world study' - the vaccine rollout happened to coincide with a prolonged lockdown, and the reduction in infections/deaths that have resulted from that. I'm not sure how they're untangling that.