It's completely possible to write a parser that outputs every possible parse of "time flies like an arrow", and then try interpreting each one and discard ones that don't make sense according to some downstream rules (unknown noun phrase: "time fly").
I did this for a text adventure parser, but it didn't work well because there are exponentially ways to group the words in a sentence like "put the ball on the bucket on the chair on the table on the floor"
I would argue that particular sentence only exists to convey the bamboozled feeling you get when you reach the end of it, so only sentient parsers can parse it properly.