It is true that the latter indeed maintains a high view of the Sacrament — and properly so! Yet from this it is clear that faith and regeneration were often construed as preceding Baptism.
This naturally disproves baptismal regenerationism. Thus: the Epistle of Barnabas, the Shepherd of Hermas, Justin Martyr, Theodotus, Irenaeus, Clement of Alexandria, and even Tertullian.
Yet especially from about A.D. 250 onward — the uninspired and syncretizing Christian Church began to backslide. Then, for many centuries, she more and more abandoned the true Covenant Theology. Instead, for hundreds of years, she increasingly proceeded to teach the quasi-magical theory of baptismal regenerationism.