This is done in each users RAS profile logged in as that user, or in the Parallels RAS Policy:

1. Click Start
2. Type Parallels
3. Click on Parallels Client
4. Right-Click the connection → Connection Properties
5. Choose the Printing tab
6. From the Redirect Printers drop list, choose Specific Only
7. In the box below that, uncheck all printers you don't want redirected
8. Click OK

To set a printer as your default printer, right-click the desired printer and select Set as default printer.

To add remove other printers, see this wiki page.

For slow “Devices and Printers” enumeration (Control Panel), as the regular user:

Just remove Parallels redirected items (assumes default Parallels naming configuration):

Remove-Item -Path 'HKCU:\Software\Microsoft\Windows NT\CurrentVersion\Devices\*Parallels*'

Just remove Windows RDSH redirected items:

Remove-Item -Path 'HKCU:\Software\Microsoft\Windows NT\CurrentVersion\Devices\*redirected*'

To clear them all out (will be recreated at next logon; why not?):

Remove-Item -Path 'HKCU:\Software\Microsoft\Windows NT\CurrentVersion\Devices'