Felons on Probation or Parole are still serving their term of imprisonment. I believe this because any felon will still be under the supervision of the court and must adhere to certain rules until their time is complete. They must either check-in with the court system or be visited by a parole officer or an employee of the court system. If, at any time, they break the rules set by the court, they are returned to jail and will serve the rest of their sentence there.
Felons on Probation or Parole should not be considered as though they are still serving their term of imprisonment, because felons on probation or parole are not in prison when they are on probation or parole. Although there are restrictions on the freedoms of the felons when they are on probation, they are not equivalent to being in prison.