Baptism and matrimony are the only two valid sacraments in the Protestant church.
There is no such church.
Correct. There is no such church, and Protestants do not recognize sacraments at all, especially matrimony.
But as for Baptism, when Protestants baptize, they might out of habit or even ignorance have
no opposition to doing what the Church does, in which case the baptism is valid (providing the same person speaks the proper words while pouring the water which RUNS over the skin of the recipient). Anyone can baptize, even a heretic or a pagan or a satanist. The water does not need to be holy water, but Protestants generally deny that holy water exists.
There have been many Protestant baptisms that have been annulled because of one or more defects, the most instructive of which is their erroneous belief that they are only doing this "baptism" thing to initiate or enroll the recipient into their own particular congregation, sort of like a hazing ritual or a induction ceremony for joining a fraternity, a club or a gang. The implication is clearly that nothing spiritual is intended or thought to be taking place, as it is only a worldly or materialist action. When they do this with any opposition to doing what the Catholic Church does in Baptism, it is invalid, and at least a conditional Baptism must be done in the future to be sure that Baptism has been validly done.
There have been cases of so-called Catholic clerics administering "Baptism" which have been authoritatively declared invalid because they used words like "I baptize you (insert name) in the name of the Creator, and of the Redeemer, and of the Sanctifier."
You can thank the makers of the modern mind for this heresy of invalid baptisms.
Hegel, Hume, Kant, Comte, Fuerbach, Darwin, and last but not least John Paul Sartre (whose name is arguably the inspiration for one Wojtyla's choice).