The hints of their desire to go this direction have been present for a few major versions now: advertisements creeping into installers, auto-updates to a new major version that requires a paid upgrade, making non-subscription renewals more expensive and difficult, etc.

Parallels never innovated anything; they got purchase as a cheaper, leaner, more consumer friendly alternative to VMware Fusion and maintained that as long as they could. Today the only value enhancement they really offer is a toolbar multi-tool (like a youtube downloader, etc.)

Open source and/or free solutions had already gotten to parity with their core offering, and the ARM transition cemented their end. Their only real strategy at this point is to keep extracting money from their remaining customers who don't realize the product died on the vine a couple years ago.

You could have been great, Parallels. Sorry to see it end this way.