At my work, one thing that I've often had to explain to devs is that the Parallel collector (and even the serial collector) are not bad just because they are old or simple. They aren't always the right tool, but for us who do a lot of batch data processing, it's the best collector around for that data pipeline.
Devs keep on trying to sneak in G1GC or ZGC because they hyper focus on pause time as being the only metric of value. Hopefully this new log:cpu will give us a better tool for doing GC time and computational costs. And for me, will make for a better way to argue that "it's ok that the parallel collector had a 10s pause in a 2 hour run".
Every GC algorithm in HotSpot is designed with a specific set of trade-offs in mind.
ZGC and G1 are fantastic engineering achievements for applications that require low latency and high responsiveness. However, if you are running a pure batch data pipeline where pause times simply don't matter, Parallel GC remains an incredibly powerful tool and probably the one I would pick for that scenario. By accepting the pauses, you get the benefit of zero concurrent overhead, dedicating 100% of the CPU to your application threads while they are running.