There is an option for parallax like effect in wallpaper settings that is separate from the overall reduce motion option.
Reduce motion is in Accessibility settings (enabling it turns off Parallax and zoom effects).
Parallax can be turned on/off in Wallpapers & Brightness when selecting a wallpaper, but only if you have Reduce Motion off.
In other words, your options are
Parallax off, "zoomy windows mode" off.
Parallax off, "zoomy windows mode" on.
Parallax on, "zoomy windows mode" on.