The short answers: "Yes", and "Yes, if you want to continue carrying passengers".
One thing is the weight of the aircraft that needs to be brought down in one piece.
Another factor is the speed at which the aircraft is flying when the chute must be deployed (remember E = m x V^2)
Finally, small aircraft tend to have structural "hardpoints" strong enough to not tear out during chute deployment. A 747 is so heavily optimized, that it is hard to imagine a chute installation that did not result in massive strengthening of the airframe.
Oh.. and IAAAE