And Protestants that perform infant baptisms see it the same way. In fact, I heard it more than once that infant dedications are just waterless baptisms.
Just because the RCC imbues baptism with mystic properties does not invalidate the practice.
As long as people are not taught that water baptism saves a child, no problem.
But is is a ceremony that is not Biblical, so leadership must teach correctly.
That's not been the case in any church I've attended.
Not that I don't believe you. I just have not experienced it in that manner or heard it mentioned that way.