You are right and wrong.
Martin Luther had a problem with the idea of transubstantiation, but also rejected memorialism (the idea that you were taking the bread and wine to memorialize Christ's sacrifice). Martin argued that the literal body and blood of Christ were "in, with, and under" the sacraments. His reforms denied the magical transformation of transubstantiation, but vehemently defended the literal presence of Christs blood and flesh in the sacraments.
In other words, symbolic ritual cannibalism. Maybe some modern protestant offshoots disagree, but this is definitely not contained to catholocism.
Yes it is