If you ever wonder what something parries, just go into lab and look in the move details it will tell what it parries!
Mid Punches Specifically. The fastest mid in the game is 11 Frames. Since 44P has 3 frames of start up, you should be able to land the sabaki at -8 at the most when you're disadvantageous.
additionally. since the sabaki has 10 active frames. You should be able to do this at a maximum advantage of +2. So the margin scales from -8 to +2