He successfully manages to get Pillar out, though. It just whiffs.
It's almost like Parasoul is considered airborne and not, at the same time or something like that.
Nope.
Watch the video at 0.25 speed (it's an option on Youtube right there in the Settings now), put it at fullscreen, skip to 1:04, and use the spacebar to basically get frame advance.
Parasoul recovers in the air
Enters air preblock on the frame Eliza's j.HK goes active and dodges the active frame because her preblock boxes are not as tall as her jump-fall boxes (which I guess is a bug since they are the size of her jump-apex, but that's how everyone is so I don't care)
Lands and goes through 2 frames of her landing animation
Then does Pillar normally.
What that means is if she held Back for that exact frame then tagged, a tag would also have worked. Etc.
Interestingly, if you block this way, that is block any attack that touches you as you recover from hitstun while touching the ground, what actually happens is you airblock then immediately go into stand/crouch block-idle because you landed...but since you landed you're no longer in blockstun even during the hitstop, so you can reversal with an attack on the frame you are touched. Which is actually bad for the attacker.
Also yes, exit always happens before enter, it's an FSM with no strange edge cases that I'm aware of. Even though the game allows the FSM to say "advance me again this frame" it still only takes one transition per advance. :^)