The more nuanced position would make a distinction between the canonical apostles (i.e. those who encounters with Jesus in his physical body) and those that are called to be either "equip the saints" missionaries, with a call to certain groups or regions of people, or those in an ecclesiastical office of apostolic ministry.
The office of the ministry proceeds from the general call of the apostles. See 1 Cor. 3:10 Acts 14:4, 14 and, perhaps, Gal. 1:19. Clement (2nd century) writes about clergy in the office of the ministry:
Those, then, also now, who have exercised themselves...according to
the Gospel, may be enrolled in the chosen body of the apostles. Such
an one is in reality a presbyter of the church, and true minister of
the will of God...(Strom. VI, 13)
Concentric continuationists would agree with cessationism on this point, but would add that on certain occasions God raises up ministries that have a strong "signs and wonders" frequency. For example, Chrysostom’s predecessor at Constantinople was Gregory Nazianzus (360 A.D.). He was known as one of the Cappodician fathers. Gregory Nazianzus had a close friend by the name of Basil. He writes about Gregory the Wonderworker, bishop of Neocaesarea, disciple of Origen:
What shall we rank Gregory the Great and his words? Shall we not
number with the apostles and prophets a man who walked in the same
Spirit?… He cooperated with the Spirit and was given fearful power
over demons;… By Christ’s mighty Name he once commanded rivers to
change their courses and once when some brothers were quarreling over
a lake, each wishing to possess it for his own, he caused it to dry
up. His predictions of future things were no less than those of the
other prophets. To describe all his miracles in detail would take too
long; by the working of the Spirit he was filled with a superabundance
of grace, which manifested itself in such powerful signs and wonders
that he was called a second Moses even by the enemies of the Church.
The canonical apostles were a unique group that oversaw & authorized the final formation of the New Testament canon. The gift of total recall (John 14:26), that they received, enabled the church to have a doctrinal foundation based upon the teachings of Jesus.
In the primary sense, the canonical apostles, were limited to those who were part of the original 12 disciples, plus Paul grafted in. See Luke 6:13; Acts 1:21-22. This can also be called big “A” apostles. The New Testament was composed by this group, or close associates of this group. Paul appeals to his “immediate” call via a Damascus road and desert experience with the resurrected Christ - for which he checked in with Peter to confirm his being grafted into the original 12 canonical disciples (Galations 1:17).
Jesus pre-authenticated the spoken and written word of the apostles (Jn 14.26; 16.12-14). Thus they could present their message as God's own (1 Th 2.13) proclaimed not in their own words, but in God's own words (1 Cor 2.13).
Once the last canonical apostle died, the canon was complete. According to church tradition the Apostle John was the last one to die. Before his death, he oversaw the publication of the Gospel that bears his name. The acceptance of that Gospel took place in the realm of the core apostolic community that was still around.
The Muratorian Canon has this comment:
When (John was) exhorted by his fellow disciples and bishops (to
write)...it was revealed to Andrew, one of the apostles, that John was
to write all things in his own name, and they were all to certify.
Justin Martyr, writing around 150-60, quotes verses from the Gospel and calls them, collectively, the “Memoirs of the Apostles.”
Charles Hill writes of a fragment of Papias in one of Origen’s Homilies on Luke, which would suggest John endorsed those writings for the completion of the canon:
There is a report noted down in writing that John collected the
written gospels in his own lifetime in the reign of Nero, and approved
of and recognised those of which the deceit of the devil had not taken
possession; but refused and rejected those of which he perceived were
not truthful.” (Charles E. Hill, “What Papias Said About John (and
Luke): A “New” Papian Fragment,” Journal of Theological Studies NS 49
The Muratorian Fragment rejects the Shepherd of Hermas for public reading, it does so on the ground that it was too recent and therefore cannot find a place "among the prophets, whose number is complete, or among the apostles."
Concentric continuationists would agree with cessationism on the above early church's view of the canon. However, they would point out that Jerome's reaction to the Montanist movement in the early church allowed for prophetic gifts as long as they did not add to the Scriptural canon.
...if the Montanists reply that Philip’s four daughters prophesied
(Acts xxi. 9) at a later date, and that a prophet is mentioned named
Agabus, (Acts xi. 28; xxi. 10, 11 and that in the partition of the
spirit, prophets are spoken of as well as apostles, teachers and
others, we do not so much reject prophecy—for this is attested by the
passion of the Lord—as refuse to receive prophets whose utterances
fail to accord with the Scriptures old and new. - St. Jerome (385
A.D., Letter XLI: To Marcella, emphasis added)
In church history, the apostolic & prophetic ministry has merged with that of the pastoral office of ministry, along with lay apostolates. However, there are no longer canonical apostles (i.e. those who encounters with Jesus in his physical body) who are authorized to add to the canon.
Yet, there are still apostolic and prophetic leaders who are called to "equip the saints" with a focus to work with certain groups or regions of people, or those in an ecclesiastical office of apostolic ministry.
The U.S. Catholic Conference of Bishops on et cum spiritu tuo, viz, referencing those in the apostolic office of ministry (i.e. clergy), describes the following (emphasis added):
..What do the people mean when they respond “and with your spirit”? The
expression et cum spiritu tuo is only addressed to an ordained
minister. Some scholars have suggested that spiritu refers to the gift
of the spirit he received at ordination. In their response, the people
assure the priest of the same divine assistance of God’s spirit and,
more specifically, help for the priest to use the charismatic gifts
given to him in ordination and in so doing to fulfill his prophetic
function in the Church.