Absolutely, categorically untrue. All the Protestants I know try as hard as they can to stay away from any sin that would be an abomination to the Lord that they love. I have met no one...period, that thinks or acts like you describe.
Next propaganda myth...
I said that to make an outrageous accusation so y'all would see just how absurd Iscool's comments sound to Catholic ears. After all, there are certainly as many Protestants like that as there are Catholic priests and bishops who encourage drunkeness and fornication, right, Iscool?
But if you think there's nothing to it, I'll leave you with these words of Martin Luther:
Be a sinner and sin boldly, but believe and rejoice in Christ even more boldly for he is victorious over sin, death, and the world. As long as we are here in this world we have to sin. This life is not a dwelling place of righteousness
No sin will separate us from the lamb, even though we commit fornication and murder a thousand times a day.
Seems we’re saying the same thing.