I run an apologetics group at my university Newman Center, and this question came up and it kind of stumped me. Basically, we believe that Eucharist celebrated by anyone other than someone with valid orders (e.g. a priest or bishop) does not really become Jesus, regardless of intent, life-and-death situations, etc. However, we accept (most) Protestant baptisms based on the belief that with the proper intent and form, the baptism is valid (e.g. the person is a baptized member of the Body of Christ, and their original sin is washed away).
I guess root of the question is why do we need holy orders to perform some sacraments (Eucharist, absolution, etc.), but you don’t even have to be Catholic (or Orthodox, e.g. Apostolic) to Baptize?