I only played a bit of sekiro, so keep that in mind. However, I would say that Lies of P gives a similar level of importance to parrying/perfect guard, but it’s not solely dependent on it. In sekiro you really need to parry, but in Lies of P (in many instances) you can get by with dodging and finding openings. That being said, the rhythm element to parrying is very much there, and most bosses require learning the cadence of attacks so you can parry.

Some added context, in lies of P if you block at the right time it’s a perfect guard which uses no stamina and blocks all damage. It also has the benefit of reducing the stamina of the enemy, which after enough guards or hits will open them for a critical strike (similar to a stance break in souls games). If you’re playing bosses without assistance, this is the key way to win, so feels a bit like sekiro.

If that sounds interesting I would take a look at a gameplay video.