Should parents accompany student dismissal meeting with advisor

I would absolutely attend the meeting.

You need (IMO) complete understanding of the circumstances that led to dismissal, and the steps necessary for reinstatement (if that is your hope). You won’t get an exact recounting of everything from your child. Parents have the wherewithall to ask about refunds, credits, transcript notations, appeal options, etc., that your child may not.

Good luck. It is not that uncommon and your family can come out just fine. But you the parent must lead.