Fluctuating HP has little to do with it. The same holds true even if you include healing, it simply makes the pool larger. Healers are limited in both rate of healing (the amount per second of healing) and total amount of healing (They can heal at X rate for Y time, based on mana). Parry, on average, both reduces healing rate and total healing required.
It's the current structure of the encounters that makes parry a poor stat. That is, a parry is unreliable against spike damage and that's the true threat to tanks.
I outlined two situations where parry would make a meaningful impact on the total healing required.
On average, over long times, it does the same thing no matter how many enemies are attacking. A high rate of attacks just means it reaches the long-time steady state more quickly.
It's an issue of stocasticity: If you have a parry rate such that you parry 90% of incoming damage averaged there's no guarantee it'll parry any specific single attack. In the example of 20k in one attack or 20k in 100 attacks. In the former you'd live most of the time, except when you didn't parry and you'd just die. In the latter you'd always take about 2k damage total +/- some varriability.
