So Parallels support asked me to submit a problem report from the software and they took details on my pmset configuration as well as Windows settings. Then I get this lovely reply
We have escalated this issue to our Development Team for further investigation. They are continually working on issues that are escalated from our Support Team, however do not share an ETA for a fix until one is available.
If a fix is available it will be included in an upcoming software update. To enable automatic updates, from the Parallels Desktop Menu, select Preferences > General > Download Updates Automatically.
Since this issue has been escalated to our Developers Request Tracking tool, and is no longer being worked on by Parallels Support, we will be marking this support ticket as 'resolved'. The Development Team does not provide individual updates but if additional information is required or a workaround becomes available shortly, Parallels will contact you directly. At this time, no additional actions are required from you.
Needless to say, I'm not impressed with their support, and I have not heard from their development team about an upcoming fix for this. It sounds like they are aware of the problem because there was zero troubleshooting done and this is the most non-automated reply I got from them the entire time.
I, like many, have taken to either shutting down Parallels when I remember, or just accepting that my battery will be dead in a few hours. This is very frustrating and their software is not operating as advertised. Seamless integration to me would mean when I sleep the computer, it actually goes to sleep. With their software running I do not get the expected result, and the VM operates very different from the host.
I am looking into VMWare Fusion since we may already have licensing in our company, and it can't be any worse at sleeping the computer. If it weren't for the crappy job Microsoft did with Office for Mac, or the lack of HTML support in the existing Apple Mail application I wouldn't need Windows/Office on my computer to begin with.