How Does High Implied Volatility Impact the Pricing of a Synthetic Long Position?

A synthetic long position (Long Call + Short Put) is designed to mimic the risk/reward of buying the underlying asset. High implied volatility (IV) increases the premium of both the long call and the short put.

However, the short put's price increases due to the higher IV and often due to the volatility skew (fear premium). This higher premium on the short put can sometimes make the cost of the synthetic long position less than the cost of buying the underlying asset directly, or it can be a wash, but it significantly changes the hedge profile.