Not just below 500 feet the most likely point for an engine failure but in strong wind flying where you may deeply regret pulling the chute rather than using those strong winds to your advantage in a forced landing!
So yes if your not confident in forced landings practice them time and time again until you are.
The chute is a major safety development but not a replacement for lack of skills!
If as Fuji says I go round in circles so be it
Must practice my holding patterns
Pace