You could also use cheap USB to parallel adapters if you only have a parallel port available on the older hardware.
The problem is that the parallel port was only designed as a one way interface, and over the years there are at least four different ways that it has been converted into a bidirectional port. Which one would the print server support? How would you change it? What if it's a newer one that the retro PC doesn't support? Like darry says, it'd need custom firmware at the least, and that's assuming you have a server that can talk to it, like Laplink and the other old programs that let you connect two computers together via the parallel port.
If what you meant was that you want to use it as a way of adding network support to an old computer, that would be even more challenging as on top of the custom firmware you'd also need a custom packet driver to run on the old PC in order for it to actually use the parallel port for sending and receiving network data.
Even if you wanted to use the print server for one-way communication with a PC, you'd need to wire up a custom parallel port cable (in one of the aforementioned four different ways) because the print server is designed to be connected to a device that listens for data (a printer), not a device that transmits data (a computer). You'd need to cross the output lines so they are connected to the PC's input lines.
In other words, print servers are really only useful for connecting up actual printers - so $4 is probably overpriced for something like this 😀