No he doesn't, he has the power of the full oan power battery. He used loopholes to recreate the universe. it's not like as parallax he can just recreate the universe anytime he wants. He's not a god, he's not even close to a god. He's just a really powerful supervillain, not on Galactus' level. People are alway sbeing retarded...if you wanted to view parallax that way, then you should also just assume Thanos is as powerful as he was when he held the IG.
Parallax will get slapped back into the OA lantern thing. Thanos with the IG was stronger than a full powered Galactus, and thus he would have an easier time slapping Parallax. Molecule Man is a joke.
Parallax is ridiculously powerful, but all of his abilities are not only energy based, but based on a specific energy signature (The Oan Battery).
Galactus's cosmic awareness and energy manipulation are the difference in this fight. It wouldn't take much time if any time at all for him to adjust to what Hal (Parallax) was firing at him and counter. Galactus has a much wider variety of powers at his disposal due to the Power Cosmic being basically unified energy and not as specific as Lantern (Oan) Energy.
Side note:
Parallax can't re-create/create the universe under his own power. He manipulated instabilities in the fabric of the DC Universe left behind by the Crisis to attempt to re-create the Big Bang, and then sculpt the outcome of that Big Bang in his own image using his Oan powers. He's not capable of independently creating universes like Franklin Richards, Lucifer Morningstar, God, etc.