A parametric equalizer lets you choose the exact center frequency and bandwidth of each band; a quad equalizer fixes those points in advance for simplicity.
This tool's four bands sit at fixed points (60Hz, 500Hz, 2.5kHz, 8kHz) but do let you adjust the bandwidth of the two middle bands (Narrow / Normal / Wide) — a middle ground between a rigid quad EQ and a fully open parametric one. That's usually enough control for listening and quick fixes; full parametric EQ is more suited to detailed studio mixing.
If you need to target one very specific, unusual frequency — say, a 3.4kHz resonance unique to one microphone — only a true parametric EQ with a freely adjustable center frequency can hit that exact point. For the vast majority of listening and quick-fix scenarios, that level of precision isn't necessary.