Jubilees, like Enoch (with which it overlaps quite a bit), is one of those books of Jewish tradition that the Jews don't recognize as canon. (in general, Protestants recognize the Jewish canon as the complete Old Testament; the Catholics include some extra books in-between, though they don't count Jubilees, either.) The Ethiopians do treat it as canon and there appear to be at least some schools of Jewish society in history that did recognize it.
Curiously, it did prophesy the Messiah, and accurately noted that He would come from the line of Judah.