Increasing iterations definitely makes the master password harder to crack, but it also slows down the time it takes for you to log in or unlock your vault.
The effects of increasing parallelism is harder to understand. You can read some discussion in previous threads:
I think the main consensus is that if you increase parallelism, you should also increase memory. One way to think about it is that your main goal should be to increase memory; by increasing parallelism, you may be able to further increase the memory setting without unduly slowing down your own login/unlock experience.