Bottom line, if you use the chute the airplane is likely done and it's going to be an insurance claim to find a new airplane. Aside from an onboard fire or a structural failure, the Baron will continue on and successfully land and the airplane is likely repairable.
A chute won't really work for a fire, and it's not likely to work for a sudden structural failure (it's worth a try but if a wing comes off that chute's probably not going to save you). I've flown a B55 with myself and another MEI who weighs around 250 lbs (as much as my wife and daughter combined) plus a full bag of fuel...and on one engine it could still climb at a reasonable rate. Maybe the only place where the other engine might not be enough is around high terrain like the Rockies.
Again, the Cirrus is great for some people. But I've got a ton of ME time and I'm very comfortable flying ME aircraft, particular one that will actually continue to fly under most conditions with an engine failure.
Comparing a Cirrus to a Seminole or Duchess would be a better argument because if you lose a motor while loaded down in one of those airplanes and at best you're gonna just increase your forced landing range.