I feel like in this fighting game, parrying should be a risk that you take which is punished by a multitude of  locked frames and the inability to cancel it after it is performed without landing it. With the ability to cancel parries in the game, the risk that you would take to parry an incoming attack is gone. For example, if the opponent launches an attack in one turn; cancels that said attack in the next frame while I try to parry, I am the one who should be punished and shouldn't be capable to  cancel my parry; able to attack after that.