This is because parachutes are for biplanes and otjer non commercial planes. When a propellered airplane stops flying (ONLY in older planes) it begins to fall noze down. This is whem you need to jump out and parachute. But a commercial airplane with engines dead can mostly safely glide and do a controlled landing. Buuuut if a landing happens on water (witch is the go to when its not possible to land on a runway) it is more likely that the passengers drown. This is why we have life vests instead of parachutes.
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