Though it could be fun to experience the work of the chute in the sim, I don’t see the real practical point to model one. The chute is used as final resort recovery. You deploy the chute and you’re done. You just sitting there and swinging around till hit the ground (hopefully not so hard). The plane is completely trashed after chute deployment and cannot be used anymore. So, basing on this, I really cannot see how it is beneficial for practicing emergencies to model parachute action. There is just nothing to practice. Reduce throttle and pull the lever, that’s it. You’re not having any influence on the fate of the plane after.