I would imagine in a similar situation the chute wouldn't save them either because they would be outside the deployment envelope.
Which is why so many of us reckon that the IMC is such a brillant add on even if its not kept current.
Why would it be outside the deployment envelope?
You would of course after going through whatever options you had make the chute pull at a safe altitude.
I find it odd to consider a rating brilliant even if not current, sorry to bang on but just see it as part of the problem of pilots stacking it in in IMC due to lack of currency.