I've never really had one of these moments before, so I feel kind of chuffed that I came across it, especially considering the parachute prompt turns into "Driver's Seat" (unfortunately you don't suddenly end up driving some flying jeep from Halo).
Slight spoiler: this happened before the "Triple Decker" story mission began i.e. before you have access to Hoyt's compound on the second island but have the wing suit and uniform. I unfortunately fucked up the first recording, wherein I set fire to some pigs, chucked in grenades and took potshots with a rifle at a guard standing against a wall (who doesn't flinch) from that rock and got slightly higher with the suit. All because I was somehow barred access from this area and so endeavored to get my way in.
Unfortunately even if you get the movement right, you can't loop up indefinitely like some sort of thermal that hangliders can do in real life, because it's more of an invisible "dome" over Hoyt's mansion which you kind of bounce off. If you get the movement wrong, as can be seen, you just lose all forward momentum and end up falling really slowly before the parachute automatically deploys about an inch from the ground and sends you violently flying back up again. Yeah whatever, cool story bro, I'll go now.