Error code -15106 occurs specifically when your graphics card cannot encode your display settings. This is usually caused by HDR being on or on older cards trying to connect at too high of a resolution for the hosting computer. First confirm that HDR is off. If it is, and you're connecting to your own computer, change the Parsec host settings resolution to Keep Host Resolution or lowering it to 1080p. If a friend is connecting to you, try lowering your display resolution directly using Display settings on your PC.
Please note that Reshade can also cause this for games being hosted on the Arcade. Please remove Reshade from the game before hosting.