Yes, I have just done this.
Dis a fresh time machine backup before starting the upgrade to Catalina. Made sure I had a downloaded Mojave install available.
Then created a new VM, using this installer.
Gave quite a few issues. Parallels seems to have a bug when you do the Mojave install. Hangs forever (over 13 hours, till I gave up), when it starts the install. The fix was before actually beginning the install, to go into disk manager and convert the virtual drive to APFS. The install tries to do this conversion, but it's version hangs. the Disk Manager version did it fine. Have reported it to Parallels, but since I have found a way round it, they didn't seem terribly interested.
Then once running, installed Parallels tools, and used the migration assistant to copy back the programs I wanted.
So I now have Catalina running, with a Mojave VM available, and the 32bit stuff on this.

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