The various agreements between the Catholic and Coptic (and other Orthodox) show to me that there is certainly some sense in which there is a recognition of a mutual sacramental life, even if this might be considered partial and subject to some form of incoherence due to various theological and practical deficiencies which are considered to have developed in the Catholic communion.
Here are various statements signed by Popes of Rome and Alexandria and other primates which seem to me to describe a mutual recognition to some extent - such a mutual recognition is not the same as saying that there are no problems.
i. Pope Shenouda and Pope Paul VI. The divine life is given to us and is nourished in us through the seven sacraments of Christ in His Church: Baptism, Chrism (Confirmation), Holy Eucharist, Penance, Anointing of the Sick, Matrimony and Holy Orders.
This could only be said by Pope Shenouda if he agreed that there was some life-giving quality to the Catholic experience of the sacraments.
ii. Patriarch Mar Ignatius Jacob III and Pope Paul VI. The Pope and the Patriarch have recognized the deep spiritual communion, which already exists between their Churches. The celebration of the sacraments of the Lord, the common profession of faith in the Lord Jesus Christ, the Word of God made man for man's salvation, the apostolic traditions which form part of the common heritage of both Churches, the great Fathers and Doctors, including Saint Cyril of Alexandria, who are their common masters in the faith all these testify to the action of the Holy Spirit who has continued to work in their Churches even when there have been human weakness and failings.
This describes an understanding of a common celebration of the sacraments as an expression of communion even while the separate celebration of the sacraments is a sign of disunity.
iii. Patriarch Mar Ignatius Zakka I Iwas and Pope John Paul II. The other Sacraments, which the Catholic Church and the Syrian Orthodox Church of Antioch hold together in one and the same succession of Apostolic ministry, i.e. Holy Orders, Matrimony, Reconciliation of penitents and Anointing of the Sick, are ordered to that celebration of the holy Eucharist which is the centre of sacramental life and the chief visible expression of ecclesial communion. .... Since it is the chief expression of Christian unity between the faithful and between Bishops and priests, the Holy Eucharist cannot yet be concelebrated by us. Such celebration supposes a complete identity of faith such as does not yet exist between us.
This seems to me to indicate a sense in which it is possible to have a shared experience of sacramental life, while also understanding that the fulfillment of that sacramental life is found in a wider unity between the local Churches. As an expression of this understanding of sacramental sharing even in separation, the Syrian Church has a positive attitude to some limited pastoral mutual access to the sacraments.
It is not rare, in fact, for our faithful to find access to a priest of their own Church materially or morally impossible. Anxious to meet their needs and with their spiritual benefit in mind, we authorize them in such cases to ask for the sacraments of Penance, Eucharist and Anointing of the Sick from lawful priests of either of our two sister Churches, when they need them.
iv. The International Join Commission issues a document in 2009 (This includes members of the Orthodox Churches including Metropolitan Bishoy). The Oriental Orthodox Churches and the Catholic Church share the following constitutive elements of communion: they confess the Apostolic faith as lived in the Tradition and as expressed in the Holy Scriptures, the first three Ecumenical Councils (Nicaea 325 – Constantinople 381 – Ephesus 431) and the Nicene-Constantinopolitan Creed; they believe in Jesus Christ the Incarnate Word of God, the same being true God and true man at the same time; they venerate the Holy Virgin Mary as Mother of God (Theotokos); they celebrate the seven sacraments (baptism, confirmation/chrismation, Eucharist, penance/reconciliation, ordination, matrimony, and anointing of the sick); they consider baptism as essential for salvation; with regard to the Eucharist, they believe that bread and wine become the true Body and Blood of Jesus Christ; they believe that the ordained ministry is transmitted through the bishops in apostolic succession; regarding the true nature of the Church, they confess together their belief in the “one, holy, catholic and apostolic Church”, according to the Nicene-Constantinopolitan Creed.
The constant use of the word 'they' seems to me to indicate that the members of the commission were describing what is to be understood as a shared experience.
Therefore, as long as fundamental disagreements in matters of faith persist and the bonds of communion are not fully restored, celebrating together the one Eucharist of the Lord is not possible.
This seems to me to be suggesting that the Catholic Church does celebrate the Eucharist of the Lord, in some real sense, but that what is lacking is a 'celebrating together' because of the disagreement in matters of faith.
I think that these documents allow us to see that our fathers do accept a genuine sacramental nature to the Catholic Church, but that the experience of that sacramental nature is mediated through a condition of separation from the integrity of Orthodox Catholic Church and Faith (this is my own evaluation). Indeed we know that many of the early heterodoxies were received into Orthodoxy without baptism because their own baptisms were considered to be a real baptism even if in a condition or situation of defective unity with the communion of the Church and with the totality of the Faith.