No, a parody generally knows what it's talking about. Parodies, good ones, tend to really know their subject matter, and can make fun of it or point out flaws in it.
Titan Maximum looks like someone vaguely remembered Voltron and tried to make an entire show making fun of those memories. Nevermind that Voltron absolutely #### compared to other super robot shows (Getter Robo), there's only 5 real jokes in the show. Groin shots, Sasha sleeping with whatever moves, Palmer being a jerk, the Robot Chicken Nerd getting another role (why?!) and Gibbs flipping people off. Of those 5 jokes, only one can be considered parodying a trope (the hot blooded leader type who Palmer is making fun of) and the rest are just jokes within the show. If you look at an actual mecha parody like say, Godannar or Dai-Guard, there's a lot of jokes about the medium, about little overlooked details, etc, all.
Basically, Titan Maximum is the Epic Movie of mecha parodies, IE: a parody only on the most surface elements.
This Saturday night, it's a heavyweight collision! Newly crowned UFC Heavyweight Champion Junior Dos Santos, fresh off of his 1st round knockout victory over Cain Velasquez on Fox, returns to the Octagon to battle submission specialist Frank Mir in an all heavyweight card! Cain attempts to bounce back from his devastating loss against Brazilian wrecking machine Antonio "Bigfoot" Silva! Plus, Jason "Mayhem" Miller returns on the FX Prelim show to battle CB Dolloway! The action starts 8pm on FX and 10pm on PPV! I mean, what the hell else would you watch?