The issue is how do we determine determine Truth. Under the Roman model the magisterium which has oversight over Divine revelation infallibly defines what it is and means, and who is a faithful teacher, thus those whom it rejects are to be rejected. But which nukes the church. For if this is the case, how could anyone follow an Itinerant Preacher who reproved by Scripture (upon which He established his own claims) the very men who sat in the seat of Moses, and whose authority they thus challenged and rejected? (Mk. 7:2-16; 11:27-31)
While the office of the magisterium is valid and is to have authority, yet it is not assuredly infallible, and under the NT its authority is to be established and maintained by Scriptural probity and power.
Any Christian church has a "magesterium" in the sense of a leadership group who ensures that the statement of faith of the church is upheld and taught. When the church in Scripture is called the "pillar and foundation of the truth" it is certainly NOT meant that a church decides what IS truth or not or that they have any authority to make it up themselves. No, we have been given the truth by divine revelation and, as servants of Christ, we must continue to uphold and support it through the leading and guiding of the Holy Spirit. Where Catholicism falls off the rails is when they presumed a handing down of apostolic authority meant an automatic position imbibed with the power of Christ when what it really meant was a handing down of the rule of faith with an expectation of faithfulness to that truth. There was no automatic apostolic succession.