I'm using isolation headphones that i plug into my ipod or tablet etc to be able to hear music while its not drowned out by the drums. I thought that there were earbuds that did the same. Am i misunderstanding what drum monitors actually are i guess.
In ear monitors do provide hearing protection if they're fitted correctly.
With in ears, you'll often find that a sound engineer is giving you a monitor mix at and controlling what you hear, you will hear very little of what is actually going on around you and your sound stage will be controlled. You request what you want in your mix (e.g. bass drum, snare, bass guitar, rhythm guitar, vocalist), request adjustments during a sound check (a little more rhythm guitar please, etc.) and then play.
They are designed to protect hearing, provide a clearer monitoring environment for the musician and to lower stage volume (thereby preventing feedback potential). Reasonably good systems can be bought for relatively little money now, compared to fifteen years ago, when in ears were very much for professionals.
If all you want to do is lower the sound around you and hear what is going on, then you don't need in ears, you want some kind of ear plug or ear defender.
The Vic Firth headphones are essentially ear defenders with a pair of ordinary ear phones in them for listening. You can still use them as you would in-ears (requesting different mixes from sound engineers) provided you can hook them up to the mixer(s) but they won't isolate as much as true in-ears. With that said, provided you don't push the volume in the Vic Firth headphones too high then you are probably protecting yourself against hearing damage.