Slice the steak into 4 pieces. Place each piece between 2 pieces of plastic wrap and pound thin, about 1/4-inch thick. Place the pieces in a shallow bowl and pour over 1 cup buttermilk, 1 teaspoon hot sauce, and thyme leaves; season with salt and pepper. Marinate for at least 2 hours or overnight.
In a shallow plate, season 2 cups flour with cumin, salt, and pepper. In another shallow plate lightly beat the eggs and add 1 cup buttermilk and 1 teaspoon hot sauce; season with salt and pepper. Remove the steaks from the marinade and shake off the excess buttermilk. Dredge in the flour, dip into the beaten egg mixture, and dredge again in the seasoned flour; set on plate to rest for a few minutes while you cook the bacon.
Slice the bacon into 1-inch pieces and place them into a large cold skillet. Set the skillet over medium heat and cook until the bacon is crisp. Drain the bacon on paper towels and reserve the fat in the skillet. Cook the steaks in the bacon fat over medium heat until they are golden brown on each side, about 10 minutes; set aside and keep warm.
Drain off all but about 2 tablespoons of the fat from the pan. Add 2 tablespoons flour and cook for about 1 minute breaking up any lumps. Slowly pour in the remaining cup of buttermilk stirring constantly to break up lumps. Cook for 5 minutes until thickened; season with salt and pepper and stir in the parsley. Place the steaks on plates and top with the gravy; garnish with bacon.