No, no cracks previously. It sounds like this is borderline acceptable for professional work, considering the render is difficult to paint. I believe they rollered it btw.
In my professional opinion, rolling such a heavily textured surface is not a good move.
The use of a roller would certainly explain the visible pin holes and cracks. A roller is unable to force paint in to the crevices, hence my previous mention of "stabbing" the paint in
It is however, at a guess, 4 to 10 times faster than a brush given that much of the rolling could be done using extension poles rather than having to climb a ladder and use a brush.
It may be worthwhile looking for paint cracks at the parameters of the wall, in short, the areas where they would have had to have used a brush for cutting in. If there are no cracks in the paint in those areas, then it increasing looks like the cracks are a function of the use of rollers.
The fact that the previous finish had no crack is encouraging though. I don't think the new paint will fail if the old paint is still protecting the cement work.
I assume that you still have some of the paint left over. Why not use a fairly stiff brush to apply a coat to a sample area. If no cracks, then ask them to come back and apply a final coat by hand.
I have no idea how much they charged you, but I wouldn't have (knowingly) left it like that. The cracks may not have visible when they left though.
You refer to the quality of finish as possibly being borderline. I think it is substandard. But again, I have no idea how much they charged you, nor do I know how long they spent painting the walls.