In which case does the parachute buy you much?
I'm sorry, but that article seemed to this SLF to be ridiculous. If you can control the aircraft well enough to keep it in that controlled attitude, why wouldn't you just recover?
The point of the parachute is for when you've lost control. And if you've lost control, then how are you going to get into that controlled attitude?
If you lose control at low altitude, it seems to my uneducated mind that you might be able to pull the parachute handle in time, but that you are highly unlikely to be able to get the aircraft into that controlled, nose-up mode that the author speaks about.