📚 Method A: Formal Textbook Derivation
Here $a = 1, 2h = -4 \implies h = -2, b = 4$. Thus $h^2 - ab = (-2)^2 - (1)(4) = 4 - 4 = 0$. The second-degree terms already form a parabola condition. Now check $\Delta$: $a=1, h=-2, g=-2, b=4, f=-4, c=\lambda$. Compute $\Delta = 1(4\lambda - 16) - (-2)(-2\lambda - 8) - 2(8 - (-8)) = 4\lambda - 16 - 4\lambda - 16 - 32 = -64 \neq 0$ for all $\lambda$. However, for a standard non-degenerate parabola, the quadratic form $(x-2y)^2 - 4(x+2y) + \lambda = 0$ requires consistent constant terms. Wait, let us check if the equation as written can ever form a valid parabola or if $\Delta = 0$ constraint applies to degenerate forms. Actually, for $x^2 - 4xy + 4y^2 - 4x - 8y + \lambda = 0$, $h^2 - ab = 0$ holds identically. The determinant $\Delta = \begin{vmatrix} 1 & -2 & -2 \\ -2 & 4 & -4 \\ -2 & -4 & \lambda \end{vmatrix}$. Expanding: $1(4\lambda - 16) - (-2)(-2\lambda - 8) + (-2)(8 - (-8)) = 4\lambda - 16 - 4\lambda - 16 - 32 = -64 \neq 0$. Since $\Delta \neq 0$ for all $\lambda$, the conic is a non-degenerate parabola for any real $\lambda$. Thus option (C) is correct.
⚡ Method B: 25-Second Exam Shortcut
Observe $h^2 - ab = 0$ is independent of $\lambda$. Check $\Delta$, which evaluates to $-64 \neq 0$ regardless of $\lambda$, confirming a non-degenerate parabola for all real $\lambda$.