So you are IFR with low ceilings and the engine stops. Now, some people on the Red Board say the solution is to never fly a single IFR with anything but high ceilings so maybe this doesn't count for you.
As for off field landings, in a Cirrus, the record under CAPS is better than the record of off field landings done the conventional way.
I am constantly amazed by the prevailing wind comment since a review of the physics involved, and a review of CAPS pull history, says it isn't an issue.
I agree that several CAPS pulls would have probably beed successful emergencies even without CAPS but how about these:
1) Sone pulls handle when plane stalls and goes into spiral dive with pilot unresponsive. I think this pull was only 400' above the ground. The pilot died but everyone else lived.
2) Pilot goes into spiral at night over the Canadian Rockies. Plane comes down on steep side of a mountain. Everyone is safe. Like most accidents it was pilot error but at least he and his family are alive.
3) After maintenance, a nut comes off and an aileron comes loose causing control problems. Now maybe it would have been a successful landing but when it takes two hands at speed do you really want to count on maintaining control on landing?
4) How about another maintenance issue. After maintenance a flap hinge isn't properly secured. The flap comes loose. The pilot is low on approach. After trying to adjust flaps and climb out of the situation he pulls when the plane is in an uncommanded roll to the right. Everyone walks away.
By comparison consider the Mooney pilot who was flying at night with a friend. The friend sees the oil pressure gauge flicker. The pilot decides to find his best emergency spot below and check. As he starts to circle a dark patch the oil pressure goes to zero and the engine seizes. He puts down in what turns to to be a lake. The pilot drowns.
Or how about this one. A pilot has a share in a Cirrus. His partner says the pilot is very dismissive of the chute. The plane has an engine failure at altitude. The pilot announces to ATC that he is making an emergency landing. It goes well till the front wheel digs into a bank killing the pilot and his wife. Their daughter seated in the rear survived.
I am not in the camp that CAPS is some ultimate safety feature. There are plenty of scenarios where it doesn't come into play. Additionally it cost money initially, money to maintain, consumes space and consumes useful load. All that said, it is far from useless.