I sure hope so! Although that’s not always the case. As everything in music and audio production: it all depends on the sound and style of your song.
I absolutely love parallel compression when mixing drums, and especially vocals because it’s such a transparent process. You can even get more control if you use multi-band parallel compression. I even created a short tutorial for parallel compression if anyone is interested in learning:
As mentioned before, it will all depend on the style. Somehow I don’t see a big demand for master-bus parallel compression for hard rock (as I would quite often use a ‘dirty’ aggressive compression on that type of music).
But when we record and master choirs and/or classical music, definitely parallel is the way to go. But there’s nothing stopping you from doing both either! Just experiment and have fun with it.