I think the Catholic Church is regarded in academic circles as doing a pretty good job of historical critical Bible research, though I'm only casually up to date on that. If the Church regards the Logion as canonical, it would be because senior clerics signed off on the works of scholars in academia. But I'm not familiar with this case in detail. What I'm curious about I guess, is the scholarly take in Christian circles in general. I know the Logion is not included in most Bibles, even though we have good reason to believe it was canon in the early centuries CE, so I'm just smelling a good story in there somewhere.