The propellant in rocket chutes should contain Guanidinium nitrate, which is the same propellant as used in airbags in cars. I've never seen a recommendation to change out airbags in cars, they're supposed to still work after 30 years or more. There are still many questions around old airbags in use, because older airbags used sodium azide, which is as toxic as cyanide.
Takata stopped using sodium azide in airbags due to toxicity concerns, and started using ammonium nitrate, which was deemed safer.
But the problem that occurred with the ammonium nitrate in the defective Takata airbags, was that if it got wet (and it was supposed to be sealed, but sometimes the sealing failed), then the AN developed little tunnels through it, known as "Ostwald ripening".
High temperatures made the problem worse, and effectively caused the AN to detonate when initiated, rather than burn (there's a fine line between the two, as you all know with fuel detonation).
As a result, all airbag and ballistic chute manufacturers now use Guanidinium nitrate, which is a long-standing and safer propellant. This doesn't mean this product can be mishandled, it is still a toxic compound and needs to be handled accordingly, especially when disposing of product which has reached the end of its lifespan.
All propellant in airbags and ballistic chutes should be detonated on disposal, to change the chemicals into less harmful compounds.