At first, when I started playing this game I was confused whether I have a parachute or not with me. When you jump out of the plane you will deploy your parachute but you can also do the same later in this game. For PlayStation users, it’ll indicate you to use the X button to deploy the parachute and O button to cut the parachute. You’ll find similar indications on PC and Xbox consoles as well.
Here is a small GIF we made for that:
Do let us know if you have any queries regarding this!