Since I'm not Protestant, I can't speak to the Protestant position. However, the BIBLE position is that Christ knew that (unlike modern Catholics, apparently) His disciples would be familiar enough with the Old Testament concepts surrounding "eating the Word of God" as it was found in some of the prophets that He could rightly expect them to understand that He was speaking figuratively.
In other words, He was assuming tacit knowledge and the ability to systematically comprehend what He said in light of previous Scripture.
Whoso eateth my flesh, and drinketh my blood, hath eternal life; and I will raise him up at the last day.
For my flesh is meat indeed, and my blood is drink indeed. He that eateth my flesh, and drinketh my blood, dwelleth in me, and I in him.
Christ literally gives Himself to us as real food and real drink. There's nothing to misinterpret here. There's no room for manoeuvre.
Moreover: when we consider the language used in the Gospel of John, the literal interpretation becomes undeniable.
In John 6:50-53 Christ's words are translated using various forms of the Greek verb phago, 'eating.' As in 'Sarcophagus'.
However after the Jews begin to express incredulity at the idea of eating Christ’s flesh, His language intensified.
In verse 54, John begins to use trogo instead of phago. Trogo is a decidedly more graphic term, meaning 'to chew on' or to 'gnaw on'—as when an animal is ripping apart its prey. The text is closer to:
Whoever gnaws on my flesh and drinks my blood has eternal life, and I will raise them up at the last day.
If anything more needed to be said: St Paul - who you'll agree was amply versed in the Hebrew scriptures - is very clear on the nature of the sacrament.
Therefore whoever eats this bread or drinks this cup of the Lord in an unworthy manner will be guilty of the body and blood of the Lord. But let a man examine himself, and so let him eat of the bread and drink of the cup.
For he who eats and drinks in an unworthy manner eats and drinks judgment to himself, not discerning the Lord’s body.
Not to mention Christ's institution of what we now call the Eucharist at the Last Supper.
From Luke:
And he took bread, and when he had given thanks, he broke it and gave it to them, saying, “This is my body, which is given for you. Do this in remembrance of me.” And likewise the cup after they had eaten, saying, “This cup that is poured out for you is the new covenant in my blood."
Well, I hope this was helpful. I have a client coming over so I will go finish some code. God bless, and good night to all here.