I just want to update: I got mine up and running on Parallels as well. There were a few adjustments I made, it's hard for me to say which ones finally got this to click. I'll list what I changed and include a screenshot. It's safe to say that playing around with the eqgame.exe properties enough did it.
1. Run as Windows 10 on ARM
2. Installed DgVoodoo graphic adjustments
These alone did not work.. until....
3. Run compatability troubleshooter (use whatever settings it tells you)
4. Run in 640 x 480 resolution (change to whatever resolution you'd like, in-game.
Screenshot of my current properties tab:
https://imgur.com/a/6y4BlVX