Parity is expensive to compute with 1970s hardware. If you look at the die of the TMX 1795, the parity flag computation is a substantial part of the die, about half the size of the register file or the ALU. The first problem is that XOR is an inconvenient gate to implement, especially if you use standard MOS logic. Processors usually have special pass-transistor tricks to make XOR more compact. The second problem is that parity needs to XOR all the bits together, so you don't get parallelism.
Computing any of them is equal amounts of delay if you want to mux/select any of them to output, and then on top of that you have to sequentially NOR-chain (and/or some hierarchical manner) the result for zero, and waiting on the adder carry chain for the carry flag. If you were sequentially (and/or some hierarchical manner) XOR-chaining for parity in parallel, is it really that much more delay? Especially if XOR uses domino logic etc.
I see a parity in the same realm as the adder carry chain as far as prop. delay goes (for computing sign/carry at the end.) Of course carry chains can be made more efficiently than a direct sequential chain, but you could be hierarchical about xor-chains for parity too..
Technically parity could become a stable value before the zero flag could! ;)
Oh but I did forget that a single multiple input NOR could be large but without exponential amounts of gates