You are both missing the point. Protestants, (we came much later, no?) claim as a pillar of their defense of Biblical canon that "we accept the canon of the Jews" as if the religious leaders of the Jews a generation after Christ, and after the destruction of the temple has any relevancy to the question at all. It is a defense designed to obfuscate. It is a falsehood in that sense.
What Protestants really ought to do is say "You know what? Martin Luther had an opinion about this. He wanted to take some books out of the New Testament too. He didn't succeed in persuading the others of his time to do that, but he did persuade them to take out certain books that were always in the Bible - according to the church we all came from (the Catholics and all the different Orthodoxies).
It's the 21st Century, we have better scholarship and a whole lot more ancient manuscripts, and we have people who can actually read Hebrew and Greek at far, far more expert levels than anybody could in the 1500s and 1600s.
So instead of being stubborn about an old tradition to the point of being stupid about it (like the Catholics are), let's be intelligent and scholarly and admit those books back to the canon, where they really belong."
What REALLY happens if you do that?
As long as you stick with the Catholic or Eastern Orthodox canon, essentially nothing happens. The Protestants are wrong that the texts are not Biblical, but they are essentially right that there really is not much in them that does anything but add some more history. There is one bit in Maccabbees about prayers for the dead that could cause a bit of problem, but then, Jesus said "Remarriage after divorce is adultery" and the Protestants get around THAT, so getting around some Old Testament prayer for the dead business really isn't hard.
Otherwise, there's just some history there and a couple more books of interesting and wise proverbs.
One of the key Protestant arguments is that the books don't add anything, and that's basically true - which means that adding them back where they belong doesn't really change anything, and it removes the dishonesty and strained arguments about keeping them out. Luther was wrong about removing James and Jude, and he was wrong about removing Wisdom and Sirach also. So what?
On the other hand, if the Protestants go past the Catholics and Eastern Orthodox and add all of the books of the Oriental Orthodox canon, specifically the Ethiopian Orthodox, then the book of Enoch gets in there, and THAT actually changes theology regarding the origins of the world and man. But Luther didn't cast out that book. Ethiopia is a long (long...LONG...) way away from Wittenberg, and nobody in Europe could read Ge'ez to translate it even if they had the book in their hands.
The Protestants really COULD rationalize their religion better if they didn't stick stubbornly to their man made traditions about things, such as the canon.