Using ArcPro 2.9.2. The help file for Copy Raster states that the tool is capable of using Parallel Processing Factor.
The Copy Raster tool fails to create any output when you set the output Format to Cloud Optimized GeoTIFF AND the environment setting Parallel Processing Factor to 100%. It runs without reporting an error but when you go to the folder where the tiff should be there is nothing.
If Parallel Processing Factor is left blank then the tool runs (albeit slower) and creates the output. Thus I am unable to take advantage of the 12 cores on my i7 processor.