The Waveshare abortion consists of using Shift Registers to receive SPI commands. Then bit-banging the result to a cheap Parallel 8080-16 ILI9486 Panel.
Originally done for RPi as a Hat. Then they produced an Arduino version as a Shield.
I have never used one. But Bodmer has a driver for it and it should work pretty well.
No, you can NOT run this Shield in Parallel mode.
If you want a 320x480 display for Nucleo-64 choose a ST7796S Chinese Red SPI board. They work well with TFT_eSPI.
Avoid the ILI9488 SPI boards.
David.