What are the main advantages of a clash parrying mechanic in CAGs?

Inspired by this Electric Underground video on MGR's parry system and how it requires you to be aware of the direction the enemy is coming from in addition to the timing, I wonder whether parrying by clashing attacks can serve a similar function in a CAG.

In the DMC series, especially 5, parrying (Royal Guard aside) is done through clashing your attack with the enemy's at the right moment. This would also seem to require you to be aware of the direction of the enemy's attack, if you aren't using some types of AOE or crowd control attack (e.g. flush, ice age) that is.

A crucial element of most CAGs seems to be your spacing and positioning relative to your enemies. Could said parry system preserve the spacing and positioning mechanics of a CAG as well as MGR's parry in the way that Electric Underground suggests? And avoid the problems with a simple "press X to parry" system?