The other parries (like Batman's and Joker's) actually deal damage when they parry. I'd be happy if they made her's like that, including her ability to parry projectiles. So it does reflect the projectile and it automatically deals damage like a normal parry. Exactly what she has now, it just deals a bit of damage instead of gaining a buff and leading to combo opportunities.
That said, I'm not too hung up on the parry. What kills me is her horrendous mobility. She's just not really fun to play, which is a damn shame. She's like Cyborg if he had a less useful trait, no mobility, and his zoning did less damage, didn't go full-screen, and was more punishable on block.
I just saw the movie for the 2nd time and I need to play this character. Please NRS, make WoWo worth using. I don't even care if she's not high-tier, I just want her to be fun and rewarding to use.