The primary difference is that a USB interface type printer
requires the computer to have a USB port (as all modern computers
do) whereas a parallel interface type printer requires the computer
to have a parallel (LPT) port (which many modern computers do not
have.)
There are USB-to-parallel converters however which plug into USB
and allow the use of parallel printers.
Additionally, many legacy applications only have support for
parallel printers, in these cases, in order to use a USB printer it
may be necessary to create a virtual parallel port and map the USB
printer to it.