Actually, the guy was pretty damned smart under pressure. If the parachute rigging has no paraswivel, the spinning aircraft would "wind up" the 'chute rigging, potentially causing the 'chute to collapse. So, he was playing the game of "how close to the ground can I deploy and live." He played well.
We carry 'chutes on our hang gliding harness[1], and they have a paraswivel in the harness so if we're spinning we will continue to spin without winding up the 'chute (hopefully).
[1] I had to do parachute training as part of achieving the H2 rating. I was suspended off the floor on a tether in the flying position, and someone spins you up as fast as they can, and then you have to locate the strap, pull the reserve out, and then throw the proper direction.
Edit: Nice vid of an HG reserve save