So why did he didn't jump off together? ;_;
The parachute wouldn't be able to carry him.
wait, so there's only one parachute?
They were getting followed by three enemy planes it's not like they would have got off scot free. He acted as a distraction so that at least one of them had a chance.
But he could have escaped by just pulling the plane up and bailing, but the enemy pilots could have seen that and shot him anyway. It's not like he had too many options. Even Chi got tracked back so that they could shoot her or blend her with their propeller.