There are (at least) two distinct and very different scenarios being discussed - and mixed up - here. One is the deployment of a drag device to survive heavy weather. The other is the deployment of a drag device to keep the bow into the seas in moderate weather.
In the former case you need a large heavy drag device, and sufficient rodes and attachments to handle the very large expected loads. Recovery may be difficult (though in the Gulf of Alaska these things are used routinely by fisherman, so it is possible). In the latter case you need a fairly light, compact piece device and retrieval will be relatively easy.
Doing the loop you are very unlikely to run into survival conditions, for the most part shelter is close at hand and weather predictions good enough. A more likely scenario (if still not frequent) is a break down, fuel filters clogged, leak, or some other mechanical problem the disables the engine temporarily. With a 3 or 4' seaway (easily found in the Great Lakes) you are likely to be very uncomfortable as you work on that problem or wait for a tow. This is why I carry one. For the OPs boat, a 9' BOURD surplus parachute ($100) or one of the commercial ones would very likely do the trick. It takes no more room than a 2 gallon bucket and weighs <10 lbs. It will not over stress or even stress existing deck hardware. Set properly with a retrieval float, in moderate conditions, retrieving will only be slightly more complicated than retrieving the anchor.
Yes it is an extra that isn't really needed, like many other things you carry on a cruise. You don't need it, but there may be an occasion when you wished you had it. I remember listening to a distress call to the CG two years ago, owner and wife wanted to be taken off their small cruiser. It was not in immediate danger, conditions were moderate, but the engine was disabled and they were so uncomfortable they were willing to abandon the boat.
It is easy to test: go out someday when you have 4' wind waves. Shut the engine off and drift, spend some time in the engine room. If you like that experience, there isn't any need for a drag device.