Make sure you have a correct default printer in macOS System Preferences > Printers & Scanners:.
Make sure you have Share Mac printers with Windows and Synchronize default printer options enabled in virtual machine Configuration > Hardware > Shared Printers:.
Parallels tools are installed and up to date.
To make shared printing work correctly the following conditions should be complied:
"Print on both sides" option is not available.
Standard printing sizes are available only:.
General HP driver is used for shared printers in Windows:.
Print large size formats like A0 and A1:.
Use the same printer driver in Windows as in macOS:.
Starting with Parallels Desktop 16 we have reworked shared printing drastically. Resolution Parallels Desktop 16 and later I want to use the same printer with both macOS and Windows.