See below.
All true. Malfunctions are always a material risk.
In your specific example, there is no such thing as a reserve chute; it’s one and done. We expect to cure tangles, line-overs, etc., by cutting enough risers with the handy knife we carry for just that purpose. And hoping the remaining partial canopy gives a survivable descent rate.
Other sources of malfunctions are the aircraft canopy doesn’t leave the aircraft, the seat doesn’t fire at all, the seat fires half-assedly or the rocket explodes instead, the seat tumbles madly breaking your limbs and or neck, the device that separates you from the seat doesn’t fire, the parachute doesn’t separate from its container in the seat.
That’s a partial list. About 30 discrete things happen in 4 seconds when everything goes right. Each one has at least one failure mode. You can expect to be stunned from the experience for several seconds. For any medium-low altitude ejection there probably won’t be time for you to address the addressable malfunctions before the ground arrives. And there was already nothing you can do about the non-addressable ones.
Back to Velocity …
The actual process is “Recognize the problem/situation, decide ejection is the least bad solution, assume the position, pull the handle(s), hope for the best”. Each of those steps takes time and therefore, in a fast moving vehicle, distance.
“Zero-zero” means as you say. But there’s a third, fourth, fifth, and sixth term to the survival equation.
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Zero descent rate. If you are diving straight to the ground at 500 knots and pull the eject handle 50 feet before the nose touches the Earth you’re still screwed. As a practical matter at even a fairly mild 300 knots closure with the ground you’d better have the seat departing/departed the aircraft by 1000 feet to survive. Which means you need to decide by 2000 feet above the ground which means recognition starts at 2500+ feet above the ground.
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Little pitch or roll. If you’re inverted, or descending near vertically, or whatever, then the boost the seat provides, although still away from the aircraft, is not as much away from the Earth. Or maybe it’s even towards the Earth. That situation adds additional altitude to the safe minimum.
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Little gyrating. If the airplane is damaged and flailing about in the sky or is an aerodynamic spin state the centrifugal forces may preclude you reaching or pulling the handle. It may preclude you assuming a good body position. It may interfere with how the ejection sequence works or the orientation of you vs. the seat at separation time. All of which increase the odds you’re injured and increase the odds of a parachute opening malfunction to boot.
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Moderate speed. Ejecting at 150 knots airspeed is not too risky for the properly dressed pilot. At a more typical 300 knots wind blast injuries such as dislocated limbs and damaged eyes are common and should be expected as just part of the ride. At 450+ knots the odds on incapacitating injuries approaches 100%. As well, above 450 the odds on parachute malfunctions from overload, or bodily injury from the opening shock, begins to approach 100%. This despite all sorts of engineering features intended to mitigate these risks as far as possible.
Then we get to the next phase of the problem: On the ground. If the seat delivers you into a good parachute and the parachute delivers you at a survivable speed to 10 feet of altitude, you need to successfully land on whatever is there. Which might be an ocean, a forest, a swamp, a desert, a cliff face, or a powerline. It may be day or night, 100F or -40F, windy or calm. If this is wartime you may be in friendly territory, empty territory, or enemy territory. Or even amongst enemy formations.
And now you’re alone with your injuries in whatever the environment is. Equipped with some training and 25 lbs of survival gear (unless that got lost in the ejection).
In all, zero-zero was a huge improvement over what came before. And saved a great many pilots back in the early 1960s when low altitude engine or flight control failure during takeoff and landing was causing about 3/4ths of USAF’s fighter fatalities. But that does not mean that current or near future seats are magic Star Trek transporters that give you a riskless, painless do-over on today’s mission.