OP - Still need some detail. The question is whether EWR-CPH and CPH onwards are on separate e-tickets. Every passenger has their own e-ticket, even if everybody is booked on the same itinerary or PNR. The sole question for you is whether there are separate tickets for the separate segments.

Presuming one ticket, this is within MCT, but with smaller children, it is well outside Sensible Connection Time (SCT). Kids get fussy, need bathroom breaks, food breaks and all manner of other delays occur. Those are up to you. With that short a connection, it is entirely possible that you are on schedule and still cannot make it to your departure gate.

There is nothing worse than an unplanned lengthy time at a connection point, which might be the case if the next flight has no availability.