WordPress get parent category taxonomy

Sounds weird, but can you check if this code works:

$terms = get_the_terms( $post->ID, 'service' );

if ( $terms ) {
    foreach ( $terms as $term ) {

        $colour_scheme = get_field( 'colour_scheme', $term );
        $svg_image     = get_field( 'svg_image', $term );

        // we check if the term is top-level term, in which case it does not have a parent
        $parent = ( $term->parent == 0 ) ? $term : get_term( $term->parent, 'service' );        
        $parent_slug = $parent->slug;
        $parent_desc = $parent->description;
    }
}

I called the get_term() directly, no need to fetch the term twice using get_term_by() as well.