Not quite. Parallels 16 works out of the box with the initial install of Fedora 33, but the parallels tools will not build successfully once you update the kernel to 5.9 or later. This is true for both Parallels 16.1.0 and 16.1.1. The package repos for Fedora 33 are now dishing out kernel 5.9.8, so be aware that you'll need to patch and rebuild parallels tools if you update your Fedora 33 installation to the latest. See the "Path for kernel 5.9.1" thread that was started by @(GalaxyMaster) in this forum for the source changes need to get parallels tools building with kernel 5.9+.
