So not sure I would use one with an engine failure over sea.
I would 100%, no other decision personally.
The Damage your back theory is not factual and a bit of an OWT
Benefits:
Time to prepare
Unlikely to flip over
Not hitting a wave at 60+ knots
Gives notice to boats (loud bang)
Gives visual to search and rescue, ie large orange parachute.
There may be disadvantages but I am not sure of them.
Relative to the thread in a twin of course you could carry on with single engine failure which would be a massive advantage.
I do quite regular sea crossings and remind myself each time this is what I will do.