I would say no. In my opinion, the wording "cancel play of Papal Bull to excommunicate Cranmer" (emphasis mine) means you cancel the entire card, not just the excommunication. I would also look to the Wartburg for further guidance: That card also "cancels play of a card as an event", and has further clarification on what that means in that case, including discarding the card played and ending the current impulse.
Affirming the above statement; and will add that the card's 'open' requirements to play make it a highly sought and negotiable card when in play. Holder should seek some 'quid' from the English if found in your hand after the deal for recompense on play during the turn.
And a Papal player that acquires it should at least be smug about it; and consider locking Cromwell in the deepest Papal dungeon that they have open.