Maybe B2N2 would like to tell us all about the Cirrus parachute deployments. Over the years there have been quite a few. Engine failures, fuel exhaustion etc. each of which would normally have been handled by gliding to earth. But the "chute of invincibility" was deployed rather than dealing with the problem like pilots would have to do in other types.
Returning to the OP's question and later comments, the problem with your average spam can is that it is difficult to get out of. Given an engine failure, for whatever reason, one would assume that you are the right way up and under control. Now how do you get out? How do you passengers get out? At what height do you start to egress? I'll suggest that you have to be free from your plane with your release handle in your hand by 4-500'. And as some have mentioned, that might be difficult even if you start at 5,000'. It doesn't take much imagination to think how long it might take your granny to get out. And that is when you are under control. Now imagine if you are not. You will almost certainly be rotating about two axes simultaneously. Even gliders are difficult to get out of when this happens because as soon as you release your harness to bail out you will be thrown about in an unexpected fashion.
In a military or pseudo-military aircraft you might have a chance, in anything else virtually no chance at all. Unless of course you start very early... Which is where I think I came in.
PM