Graph neural networks (GNNs) deployed as cloud services can be stolen through model-extraction attacks, which train a surrogate from query responses to reproduce the target's behavior, and a growing line of ownership defenses tries to prevent or trace such theft. This paper asks two questions: how hard is it to steal a GNN, and can we stop it? Prior work cannot answer either, because experiments use inconsistent datasets, threat models, and metrics. We introduce GraphIP-Bench, a unified benchmark that evaluates both sides under a single black-box protocol. GraphIP-Bench integrates twelve extraction attacks, twelve defenses spanning watermarking, output perturbation, and query-pattern detection, ten public graphs covering homophilic, heterophilic, and large-scale regimes, three GNN backbones, and three graph-learning tasks. It reports fidelity, task utility, ownership verification, and computational cost on shared splits, queries, and budgets. We further add a joint attack-and-defense track that runs every attack on every defended target and measures watermark verification on the resulting surrogate, exposing how much protection a defense retains after extraction. The empirical picture is clear: stealing a GNN is easy at medium query budgets and most defenses do not change this; several watermarks verify reliably on the protected model but lose most of their verification signal on the extracted surrogate, exposing a gap that single-model evaluations miss; and heterophilic graphs are systematically harder to steal, while a cross-architecture mismatch between target and surrogate reduces but does not prevent extraction. We release GraphIP-Bench with reproducible scripts and configurations, and integrate the attacks and defenses into the PyGIP library. Code: https://github.com/LabRAI/GraphIP-Bench. Library: https://labrai.github.io/PyGIP/index.html.