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Unconventional properties of non-Hermitian systems, such as the existence of exceptional points, have recently been suggested as a resource for sensing. The impact of noise and utility in quantum regimes however remains unclear. In this work, we analyze the parametric-sensing properties of linear coupled-mode systems that are described by effective non-Hermitian Hamiltonians. Our analysis fully accounts for noise effects in both classical and quantum regimes, and also fully treats a realistic and optimal measurement protocol based on coherent driving and homodyne detection. Focusing on two-mode devices, we derive fundamental bounds on the signal power and signal-to-noise ratio for any such sensor. We use these to demonstrate that enhanced signal power requires gain, but not necessarily any proximity to an exceptional point. Further, when noise is included, we show that non-reciprocity is a powerful resource for sensing: it allows one to exceed the fundamental bounds constraining any conventional, reciprocal sensor.