Chute looked like it worked ok to me. That car has been off the runway multiple (3-4?) times over the last two Texas Miles. It was just a matter of time before it became serious.
Looks , to me at least, that a combination of things contributed to this crash. Just a few frames after the initial brake application, and the chute deployment, the back end does a little jog to the left. Which usually indicates a slight front brake imbalance. And the driver made a slight steering correction to counter act the rear end getting light and loose. Look around :49 and you will see the chute is definately still in it's "straight line position" and the rear of the car has shifted to the left. And thus he became a "pilot" with no control over the outcome...
Thank goodness he was able to survive, considering the speed he had just attained.
For all of you GT Tx Milers, please don't under estimate the need to follow all of the safety requirements.
It looks so easy to do a high speed mile, and it "only" takes less than 30 seconds or less, but the life you save will be your own.