I may be wrong, however from what I have read, I believe the parachute is there to meet FAA certification in lieu of demonstrated spin recovery.
http://philip.greenspun.com/flying/cirrus-sr20
Once in a spin the SR20 and SR22 are virtually impossible to recover, according to the test pilots.
http://www.cirruspilots.org/blogs/pull_early_pull_often/archive/2008/10/13/spinning-caps.aspx
If in a spin and recovery doesn't work, PULL CAPS!
Unfortunately, we know several Cirrus fatal accidents involved spins in which the pilots didn't recover and didn't pull CAPS.
In Meadview, AZ, the NTSB reconstructed the flight path and found the plane spent 45 seconds in a 15-turn spin until ground impact. The CAPS parachute deployed post-impact.
At Parish, NY, the pilots were at 5,000 feet practicing aggressive maneuvers, entered a flat-spin and impacted the ground. From that altitude, the pilots had at least 30 seconds to act. Yet the CAPS handle was still stowed and the safety pin in place.
At Maybell, CO, the pilots reported icing at high altitude. Yet the plane crashed after a long descent and the CAPS parachute deployed post-impact with the CAPS handle found in the stowed position.
And at Indianapolis, IN, the plane descended in a 5-turn spin before the CAPS handle was pulled at 528 feet AGL.
http://dic.academic.ru/dic.nsf/enwiki/518694
Cirrus Parachute System (CAPS)
The Cirrus SR series (SRV, SR20, and SR22) aircraft are equipped with the Cirrus Aircraft Parachute System (CAPS), a ballistic parachute deployed from the back of the aircraft, in most cases, allows the entire aircraft to descend safely from an emergency. Cirrus is the first manufacturer to receive FAA certification for production aircraft with ballistic parachute systems. With the NASA-developed spin resistant wing, the parachute system was accepted by the Federal Aviation Administration as an equivalent level of safety and complete spin testing was not required by the FAA.
The Cirrus pilot's operating handbook states that the parachute system "is designed to bring the aircraft and its occupants to the ground in the event of a life-threatening emergency. The system is intended to save the lives of the occupants but will most likely destroy the aircraft and may, in adverse circumstances, cause serious injury or death to the occupants". As the SR aircraft have not been fully spin-tested, a properly-functioning CAPS system is required for flight on all Cirrus SR aircraft.