I’m not so sure about that.
From the Baptist Press:
The Lord’s Supper reminds us of the means by which God’s salvation was secured on our behalf. The unleavened bread is a symbol of the perfection of the Person of our Lord Jesus Christ in His body, soul and spirit. The fruit of the vine symbolizes the substitutionary, propitiatory and covenantal blood of an innocent sacrifice, shed for the remission of the sins of the guilty (see Romans 3:21-26; Hebrews 2:5-17; 7:27-28; 9:26-28; 1 Peter 3:18).
The Lord’s Supper, also called communion, demonstrates the doctrine of substitution – Christ died for me (1 Corinthians 11:26). Baptism demonstrates the doctrine of identification – I died with Christ (Romans 6:3-4).
From the UMC document This Holy Meal, the official document of communion for the UMC:
We do not embrace the medieval doctrine of transubstantiation, though we do believe that the
elements are essential tangible means through which God works. We understand
the divine presence in temporal and relational terms.
This, then, is the Presbyterian understanding of Communion: Is Jesus physically present in the elements of the Eucharist? Have the molecules of bread been changed into molecules of the body of Jesus? No.
Is Jesus spiritually present in the elements of the Eucharist, authentically present in the non-atom- based substance with which he is con-substantial with God – that is, is he genuinely there to be received by us, and not just in our memories? Yes.
United Church of Christ:
The broken bread and poured wine represent—present anew—the crucified and risen Christ. The wheat gathered to bake one loaf and the grapes pressed to make one cup remind participants that they are one body in Christ, while the breaking and pouring announce the costliness of Christ’s sacrifice for the forgiveness of sin. Some churches provide non-alcoholic and gluten-free elements. As we grow increasingly aware of the rich cultural diversity of the church, the use of elements other than bread and wine is becoming an issue for global ecumenical reflection.
None of that is the same as transubstantiation, which is the Real Presence.
The Episcopalians and the Anglicans are an exception. But I wouldn’t say that most Protestants believe in it.