I’m not deeply familiar with these formats, but isn’t a defining feature of STEP files that they store “B-rep” (boundary representation) data, unlike eg the polygons in an STL file, which are the geometric relationships between surfaces and can be easily used by a parametric editor? That seems to be the point they are making, vs other 3D generation models that output polygons.

STEP files do store higher level geometry data than STLs, making it possible to accurately modify the imported data in parametric modeling software like Fusion, so in that sense they’re “parametric compatible”? They don’t store the design history or intermediate setup, though, so you can’t “go back in time” and change a parameter that was set during the design of the part, and have everything recalculate to accommodate this.