PARSEprovides a mechanism to convert a wide variety of character based dates into a datetime data type. From the Docs:
Returns the result of an expression, translated to the requested data type in SQL Server.
Use PARSE only for converting from string to date/time and number types. For general type conversions, continue to use CAST or CONVERT. Keep in mind that there is a certain performance overhead in parsing the string value.
PARSE has its value, but comes at a cost, as Max shows.