This safety measure is a worthy concept to explore IMO, but making it practical and effective will be a huge challenge... chute deployment in an unusual attitude, minimizing the "dead mans curve" of altitude and airspeed, and the interaction of the massive chute with ground obstructions are a few obvious concerns. Having said that, the Cirrus Airframe Parachute System has been used successfully by customers, ejection seats have been saving lives in extreme flight profiles for many years, and multiple crash energy absorbing systems are built into all helicopters, so I speculate the physics can be worked out but the costs may be prohibitive.
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