I think that you misunderstand the Catholic teaching on faith and works. Good works are indeed an effect of faith but faith (intellectual assent) can exist without the effect of good works. This is what James condemned.
Despite constantly being so charged, Catholics do not believe that one does good works to be saved. This is a pure grace that comes from faith. The value of good works comes after salvation in the continual effort of sanctification.
And I think you misunderstand what Protestants think about faith. Intellectual assent is not the faith of a Christian. It may be called faith, but it is a dead faith, just as James points out. Faith must be active, resting on Jesus for our salvation, and acting out our faith. A protestant scholar said (I can’t remember who right now, and unfortunately, I don’t have a link), “We are saved by faith alone, but not a faith that is alone.”
The Christian faith should not be a legalistic path, nor should it be an antinominian path. There will be many that on the last day will point to their works, and be damned, and many who rest on their intellectual assent, and be damned.
In so far as what you describe in your current post, I would agree with you. But I am sure that on the particulars, there is disagreement.