Parquet is underdesigned. Some parts of it do not scale well.
I believe that Parquet files have rather monolithic metadata at the end and it has 4G max size limit. 600 columns (it is realistic, believe me), and we are at slightly less than 7.2 millions row groups. Give each row group 8K rows and we are limited to 60 billion rows total. It is not much.
The flatness of the file metadata require external data structures to handle it more or less well. You cannot just mmap it and be good. This external data structure most probably will take as much memory as file metadata, or even more. So, 4G+ of your RAM will be, well, used slightly inefficiently.
(block-run-mapped log structured merge tree in one file can be as compact as parquet file and allow for very efficient memory mapped operations without additional data structures)
Thus, while parqet is a step, I am not sure it is a step in definitely right direction. Some aspects of it are good, some are not that good.