Star Trek Online: "Your desktop resolution is not set to 32-bit color"

I'm getting the following error when launching Star Trek Online:

"Your desktop resolution is not set to 32-bit color. This application requires 32-bit color depth. Please change this in the Display Control Panel."​

The control panel reports:

Display 1: Connected to Parallels Display Adaptor (WDDM)
Desktop mode: 1920x1080, 60 Hz
Active signal mode: 1920x1080, 60 Hz
Bit depth: 8-bit
Color format: RGB
Color space: Standard dynamic range (SDR)​

And yet, under "List all modes," the selected mode is "1920x1080, True Color (32-bit), 60 Hz"

Any ideas what may be going on here? Thanks!