Thanks for this...but if you remap (show/hide application / F6) to CMD+H it prevents you from using CMD+H to hide any other application!
All that happens then is if you press CMD+H it either hides Parallels or brings it to the main focus.
For example launch Parallels then Safari. Choose Hide Application from the menu whilst in Safari and you will probably see Parallels as the main application. Choose Hide Application from the menu (not your amended shortcut or F6) and it will hide Parallels and present the desktop/finder.
This is normal CMD+H behaviour.
If you use the F6 functionality, all that happens is that if you have any other application other that parallels in focus, it will show parallels if you choose CMD+H and you lose the ability to hide other applications.
Incidentally, CMD+, has also stopped working in version 7.
I am going to attempt to reopen the call with support and see if they will respond to my original question with an answer rather than just...its a configuration error!