IIRC, Cirrus is now encouraging pilots to use CAPS in any engine failure with sufficient altitude for it to work, on account of the number of such accidents, in CAPS-equipped aircraft, where the pilot chose not to use it, and someone aboard was killed or seriously injured. This will presumably further muddy the used/saved ratio, while probably increasing the total number of saved.

In a collision situation, at least one as violent as this one, you can't be sure whether some vital control or structure has been damaged to the point where it is about to fail, so using a parachute of any sort, where feasible, seems to be the rational choice.

Quite by accident, I came across this pucker-inducing article a couple of days ago, where thre's little doubt that bailing out, if it were an option, would have been the right thing to do, even though this flight ended safely in this case.

https://airfactsjournal.com/2019/03/student-flight-control-j...

(On second thoughts, if the pilot had a parachute, he could have attempted to free up the controls without making his situation any worse.)

Note this was a midair with a much larger, faster aircraft and at an unfavorable aspect. The empennage was sliced nearly entirely through by the other aircraft's propeller and the elevator/horizontal stabilizer is deflected into a position commanding a steep dive.