Yep, once you're in the water a parachute is a liability. One horror story has a Navy pilot eject at low altitude and enter the water near the aircraft he just got out of which was sinking quickly. His parachute was snagged by the plane and he couldn't release the parachute from his harness. His body was not recovered.
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Better is the Enemy of Good Enough.
Okay, what’s your point??