Yes you're gliding right now, but whilst that's better than just falling uncontrolled from the sky it's no guarantee you'll walk away.

Now if you're gliding... right towards a perfectly nice runway you were already lined up on then CAPS is likely the wrong call, not least because you may already be too low. But if you're just in the middle of nowhere then CAPS is much safer than hoping that's just a big empty grassy meadow you see ahead and doesn't have a thin, wheel-snagging ditch, or a barbed wire fence, or a dozen other obstacles that you wouldn't see until it's too late.

Even for a water landing, if you have never practised there are a lot of ways for putting a conventional plane down in the water to go badly, including flipping or breaking up the plane, whereas CAPS should just plonk you in the water, relatively gently, right side up, not great news, but very survivable.