Catch a Breath is an immediate skill, which means it will interrupt any skill or animation you're currently doing. If you press/click the skill twice rapidly, it can interrupt itself before either the effect or cooldown can be applied, resulting in it going on cooldown and not providing the effects.
The Parry Response Damage tracery still has some text that refers to Reactive Parry damage, probably because the old legacy was the same wording. At least they changed the name of the tracery, even if they didn't change the description
Work like no one is watching, dance like you don't need the money...