Only if it’s either or, which is a modern notion not held by Martin Luther.
“So we stand here and with open mouth stare heavenward and invent still other keys. Yet Christ says very clearly in Matthew 16:19 that He will give the keys to Peter. He does not say He has two kinds of keys, but He gives to Peter the keys He Himself has, and no others. It is as if He were saying: why are you staring heavenward in search of the keys? Do you not understand I gave them to Peter? They are indeed the keys of Heaven, but they are not found in Heaven. I left them on earth. Don’t look for them in Heaven or anywhere else except in Peter’s mouth where I have placed them. Peter’s mouth is My mouth, and his tongue is My key case. His office is My office, his binding and loosing are My binding and loosing.” – Martin Luther
http://reformationanglicanism.blogspot.com/2010/11/trueman-and-prolegomena-to-how-would.html
However, he is not.
The passage in Matthew is clear that Jesus is building His church upon Peter's confession. Not Peter.
It seems the Catholic doctrine is to have it both ways which is in contradiction of Scripture.
The church is either built upon Peter or his confession. It can't be both.
Does He give Peter the keys to the kingdom? Yes. But these keys were the authority to open the doors of Christendom to the people.
We see Peter doing this at Pentecost and then later to the Gentiles in the House of Cornelius.
The notion of apostolic tradition is not supported by Scripture unless you take passages out of context which some have done to support their position.
We are reminded that we are all a "royal priesthood" in this passage from 1 Peter.
9 But you are a chosen race, a royal priesthood, a holy nation, a people for his own possession, that you may proclaim the excellencies of him who called you out of darkness into his marvelous light.
This sure sounds like we are all commanded to spread the Gospel.
We are also told in Acts 8:4 that after the church was scattered they went about preaching the word. These were everyday believers of Christ.
This supports the idea of a priesthood of believers.