ARCHICAD under Parallels Desktop is not something I'd recommend based on a few limited tests of my own over the years. The main issue is graphics acceleration - whether it is a MacOS or Windows virtual machine. It works - and is useful for running an old version to help with a conversion, or just to open an old project - but I've found it not usable for normal work.
The MacOS VM does NOT run in Safe Mode - rather, Parallels just does not offer much in the way of virtual graphics acceleration, regardless of how powerful your host iMac's graphics adapter might be.
You would be better to reboot your iMac from a bootable Sierra partition, but it sounds like it might be too late for that.
For your questions: Yes, you have to install AC 19 in the virtual machine - or at least download and install the WIBU driver - and then assign the USB keyplug device to the virtual machine (devices can only be connected to the host or a VM - not both at the same time). Conceivably you can share the applications folder with the VM and launch the app that is stored on the iMac's drive vs installing into the VM's virtual drive - but I'd not recommend that.
You can also create a Windows virtual machine (requires a 64 bit Windows 10 license) and install the Windows version of AC in that VM... but I've found that that doesn't perform very well either.
If you have any possibility of restoring your iMac to Sierra, or reinstalling Sierra, that would be the best option if you need to remain on AC 19. Since you created the VM from installation media, I assume you can backup your iMac, reinstall Sierra, then restore any missing user files...? I know nothing is lost when reinstalling the same MacOS version or moving forwards. Have never installed an old version on top of a working installation before, so don't know what would happen. But, backups always recommended before any major changes anyway...
One of the forum moderators
AC 28 USA and earlier • macOS Sequoia 15.2, MacBook Pro M2 Max 12CPU/30GPU cores, 32GB