For high speed stuff, a parachute would take a lot of energy out but it would need to be ejected extremely quickly - as soon as the system thought there was loss of control - and it would need to be placed so that it didn't just wrap around a spinning / rolling car. It would add weight just like every other system.
The central tenet of crash protection is acceleration limitation. You want to slow the driver as gently as possible i.e. reduce acceleration felt by the driver's internal organs. You do that by taking a long time, relatively, to stop the car.
That's what gravel does well in many cases, and deformable barriers do in other cases. It is important that any system prevents the addition of acceleration to the driver - be that rotational or rebound. We have seen some simple crashes become more severe because the car starts to roll, to spin quickly or be rebounded. Gravel isn't great for some situations because it can induce a roll.
Systems such as tecpro are very good at dealing with most impacts, and certainly those that are near normal to the barrier's surface.
Turbo says "Dumpster sounds so much more classy. It's the diamond of the cesspools." oh, and "The Dutch fans are drunk. Maybe"