Printing fails with "Print job failed" error

Symptoms

Intermittently, Parallels Client for Windows is throwing the following error during printing operation:

Extended Parallels Client log indicates that there was a reconnect right before the error:

[E 08/0000FFFF/T00003D8C] Tue Apr 13 09:37:58 2021 - Failed to get packet from TS addin
[W 02/00000033/T00003EB8] Tue Apr 13 09:37:58 2021 - [2308] - The connection to the remote application was broken. A network error may have occurred. Please try connecting again later.
[I 02/0000003B/T00003EB8] Tue Apr 13 09:37:58 2021 - Reconnecting attempt 1/10
[I 13/0000000A/T00003EB8] Tue Apr 13 09:37:58 2021 - Connecting to Server: [0] myserver.domain.com:### Mode: 2
[T 13/00000009/T00003EB8] Tue Apr 13 09:37:58 2021 - SSL Connection to myserver.domain.com:### was successful
[T 13/00000002/T00003EB8] Tue Apr 13 09:37:58 2021 - Remote SSL Certificate was accepted by user

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[I 08/00000000/T00000E14] Tue Apr 13 10:18:07 2021 - Server supports fonts caching
[E 08/00000001/T00000E14] Tue Apr 13 10:18:08 2021 - Printing job processor: Failed to create data file 'C:\Users\username\AppData\Local\Temp\\2XClientSpool\job00001.ini'

Cause

Known issue in Parallels Client versions below than v16.2.2

Resolution

Update Parallels Client to the most recent version.