SOLVED
Printing was restored to operation after following instructions based on posts by Sathiya@Parallels and others in this thread:
https://forum.parallels.com/threads/unable-to-print-to-pdf-after-recent-update.344671/
Namely:
a. Start Parallels VM host.
b. Select Actions (from the Mac menu bar) -> Reinstall Parallels Tools
c. Actions--> Configure--> Hardware--> Share printer and make sure that "Show page setup option before printing" is checked.
d. Then of course launch Windows VM and see if printing behaves.
I suspect it's the reinstall of Parallels Tools that's the key step. Perhaps some recent macOS update changed a setting that Tools reinstall fixes, or somesuch.
Anyhow, I think we've confirmed that Windows can directly access a Mac local printer via Parallels without using Bonjour.
Last edited: Aug 10, 2018