Having read/heard various arguments about whether to pull or not. I think it really is dependant on the circumstances. For instance doing circuits for conversion and engine quits, would you pull late downwind/1.5nm final? (I don't know the minimum height for this to work) Flying over a densly populated area with nowhere flat to drop in safely, or over a huge flat plain of savannha. Or even an insterstate in Arizona, effectively an infinite runway with little traffic.
I would certainly pull the chute over water having seen the video but. In other circumstances once you have pulled, all control is totally lost, and needs careful/rational and, positive thinking, during a life threatening period in your life,if it happens.