Think of the drogue as an ACTIVE helper- keeps you slower and under better control while running off, but requires full time steering. The parachute is for when you desparately need a rest and are willing to just hang in there for a day or two. One needs to be conscious of sea room, currents, and the probable storm track in either case. Most failures have been due to unfair leads and chafe.
We have an Outbound 44 with 18,000 nm under the keel in BC, Alaska, and 2 seasons in the South Pacific and have never used either device. Max winds seen: 45-50 knots.
I don't think there are many sailboats that can motor into an 80kn hurricane and make forward progress. Best not to rely that much on the engine, at most using it to keep speed up in the troughs with little or no canvas up.