Is it possible to fire off a flow when a new Typeform entry is detected?

Yes, you can use the Webhook feature to run your Parabola flow whenever a webhook is received. It’ll just process that new row of data. You wouldn’t need to worry about same, older data being processed again.

This feature is currently in beta, so if you would like access to it, follow the instructions here: Can I trigger flows from an event or webhook?.