Parallel compression is like compressing from the bottom up of the dynamic range instead of from the top down.
I think it would only cancel out and be 1:1 identical if the compressors both had identical settings.
If I'm fooling myself with a logical fallacy... well, there ya go then.
If nothing else, one of the things I like about parallel work in general (compression or whatever it might be) is the ability to mute the additional channel(s) in an instant to compare something against the original without having to open plugin windows and start hitting bypass buttons.
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