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.
Meaning assured infallibility which requires implicit obedience and fosters faith-dependance on her claimed power for salvation. And which results today in even the most liberal of RCs being inferred to gain heaven if they die as RCs, while if they become manifestly born again and so become conservative evangelicals, then is the most concern shown about their souls.