"the entire substance of Catholicism, with the exception of . . . the element of externality"

"Luther’s simple doctrine is that the specific embodiment of Deity—infinite subjectivity, that is true spirituality, Christ—is in no way present and actual in an outward form, but as essentially spiritual is obtained only in being reconciled to God, in faith and spiritual enjoyment. These two words express everything. That which this doctrine desiderates, is not the recognition of a sensuous object as God, nor even of something merely conceived, and which is not actual and present, but of a Reality that is not sensuous. This abrogation of externality [(Aueßerlichkeit)] imports the reconstruction of all the doctrines, and the reform of all the superstition into which the Church consistently wandered, and in which its spiritual life was dissipated. . . .  The Lutheran doctrine therefore involves the entire substance of Catholicism, with the exception of all that results from the element of externality—as far as the Catholic Church insists upon that externality."

     Georg Wilhelm Friedrich Hegel, Lectures on the philosophy of history, trans. J. Sibree, 4.3.1 (GBWW 46 (1952), 349).  The German from the 3rd 1848 edition of the edition ed. Eduard Gans and Karl Hegel is here, on p. 500 of vol. 9.  The somewhat different German of the critical edition ed. Lasse is here, on p. 878 of vol. 9.2.
     There are, however, indications that Hegel was not yet advocating an isolation of subjectivity from objectivity.  Thus,

If [1] subjectivity be placed in feeling only, without [2] that objective side, we have the standpoint of the merely natural will.

And, not long before that

[1] the heart, the emotional part of man's spiritual nature, is recognized as that which can and ought to come into possession of [2] the truth, and [1] this subjectivity is the common property of all mankind.  Each has to accomplish the work of reconciliation [between them] in his own soul.  [1] Subjective spirit has to receive [2] the spirit of truth into itself, and give it a dwelling place there.  Thus, that absolute inwardness of soul which pertains to religion itself and freedom in the Church are both secured.  [1] Subjectivity therefore makes [2] the objective purport of Christianity, i.e., [2] the doctrine of the Church, its own.  In the Lutheran Church [1] the subjective feeling and the conviction of the individual is regarded as equally necessary with [2] the objective side of truth

(GBWW 46 (1952), 350).  Add to this all of the "merely"s (and such) of the preceding paragraphs.
     And yet, if you add all of those no. 2s back in (as you would have to after "in no way", "only", and "not"), you've clearly failed to appreciate the fact that Catholicism, too, insists (and in Luther's time insisted) upon those no. 1s as well.