The plane in this incident was valued at $136M USD.
He was in reality about 1900 feet AGL at the time of ejection. Planes fall around 160 feet per second when stalled.
How much money would you accept to not pull an ejection lever for a few more seconds in a zero-visibility setting without instruments in a falling/stalling plane that you personally are sitting inside? How about at 1900 feet AGL? That’s 12 seconds before impact on a good day.
The materials and labor for a single plane are far lower.
I'm sure exactly what you described was done plenty of times in ww1 and similar around that era, and seen as perfectly moral and rational.