So I had some time today to look closer at what was going on here with that one block pushing out and causing (or at least accelerating) the parge disbond. The block was loose and after removing a couple of shingles, and some scraping of the mortar joints, I was able to remove the outer face of the block. The first thing I notice is the squarish rust spot internal to the block. At first I thought a metal object got dropped into the concrete when the block was cast but after removing a few pieces of the cracked internal webbing of the block, it became clear I was looking at a cast-in J-bolt. I guess this was a thing in the early 60's if you weren't going to pour a cap on your concrete block foundation wall. It appears enough moisture got to the bolt that rust expanded it and forced the block apart.
Funny thing is, the bolt must only go through the 2x6 that lies on top of the block and not the bottom 2x4 of wall. Seems strand that these bolts would go through both but without hurricane clips, etc., I guess it wouldn't make much difference. I could cut the bolt and carefully remove the rest of the block and cement in a new one, I was thinking I might also stick some rebar down in the block holes and thin fill the accessible block holes with concrete as well.
To the left of this block, down to about 8" above grade, the parge was cracked and disbonded for sever feet but this appears to simply be poor adhesion. Maybe the block was not clean closer to grade level when parge was applied.