First, according to one operating handbook for the Cirrus SR-22 (there are several versions out there), pulling the chute is the correct ditching procedure (CAPS is the parachute system):
Ditching
Radio ............................................ Transmit (121.5 MHz) MAYDAY giving location and intentions
Transponder...........................................................
SQUAWK 7700
CAPS .............................................................................
ACTIVATE
Airplane.........................................................................EVACUATE
Flotation Devices ............INFLATE WHEN CLEAR OF AIRPLANE
Second, the conditions were reported to be windy with high waves:
Weather conditions at the time of the rescue were seas of 9 to 12 feet
and winds of 25 to 28 mph.
Those would be tough conditions for ditching in. I've read several times that when light aircraft ditch, the pilot and passengers usually survive the impact but they often struggle to exit the aircraft successfully. This article and video explain in detail how difficult it can be to exit an aircraft in the water, even in good conditions. If the aircraft flips or cartwheels then exiting would be extremely tough and the rough sea would make it much worse. Since the parachute lowers the aircraft straight down in a more or less level attitude, the chance of flipping over is greatly reduced. The downside is that you no longer have control of where you touch down relative to the waves, so you might land just in front of one but that still seems like a good option compared to the risk of flipping the aircraft on impact.