Not this one, but algorithms that can calculate the specific digit positions but nothing else are indeed used for world records, mainly for the verification. If two radically different algorithms converge into the same digits at something like the trillionth position then you will have a high confidence for the rest of digits.
Also wouldnt this be highly parallelizable?
Yes, that fact gave rise to projects like PiHex [1]; hexadecimal digits of pi at around 10^15-th positions were already known in 2000, while the current full-digit record is only for first 10^14 decimal digits.