I think it's snow on the ground we're seeing.
Here's the still from that film that I remembered seeing. Mustang pilot Bernard Howes of the 55th FG shot this one down. It sure didn't look like the pilot had a chute and if so it still looks too low to open. I imagine the choice of burning to death in that cockpit on fire vs falling were his only options. Not a cartoon game in that case...As an aside Howes was an Ace with five kills. He was taken POW when he deliberately landed to try and rescue a buddy. As they tried to take off they struck a ditch and crashed. Needless to say they were a long way from home.(Image removed from quote.)
Poor fellow - desperate measures.