That is the reason good Newf breeders keep the loose flews. Yes, it DOES cause more slobber, but who the heck cares about that in this glorious breed, unless it's folks who know absolutely nothing about them except that they look like a "wooly bear" and so comfy. Give me a break.
I actually met a guy at a dog park a few days ago with a Newf that was only 6 months old. I thought it was obviously a cross-breed, but he pointed at Boss and said "same as your dog". I, incredulously said, "your pup is a Newf??" and he went on to give me some song and dance about how his breeder in Southern MO (!! alert, puppy mill territory, but the same breeding ground my boy is from so I can't truly generalize) breeds for "no slobber, excellent hips, bones, whatever BS,... I'm talking this Newf had a collie snout!! NOT WHAT a water dog should have!! These noises in their snouts are very important to be able to carry something while still breathing in and out in the water.
Major rant here. There are REASONS we have purebreds. I also happen to be a full blooded member of our Humane Society, so we have to make room for idiots that breed their dogs as back yard breeders.
It's the yin and yang of the dog world, and I'm glad manhy folks are on both sides!