I think altitude needs to be taken into account for the rapid nature of the sequence in relation to the great one from Moonraker.
Absolutely, Hilde. I picked up on the need for the quick gain in altitude this last time I saw it (the 3rd) and you're quite right: Bond had to pull up hoping for as much altitude as the plane would give him. The scene in QOS is definitely meant to be about the rush, not about what essentially amounts to a chase sequence through the stratosphere (or whatever sphere) as was the case in Moonraker.
I looked extra closely for bad - or rather badly distracting - CGI or greenscreen effects and the harder I looked, the more I loved the scene.
The moment at the height of the plane's ascent is even more effective once realizing what Bond was trying to do. In his mind he's got to be thinking "God, I hope we're high enough.", but I'll thank the writers for not permitting Bond to actually say it, as likely would have been done in the previous eras:
<Bond pulls back hard on the stick>
Camille: "What are you DOING, James?!"
Bond: "I've got to get us
higher, or we'll both be crushed on the rocks below before the parachute even opens!!"
<Cut to Camille, looking sheepish and dumb, now put in her place of your typical Not Your Typical Bond Girl>
<Cut to 1st propeller crapping out>
Camille: "JAAAAAMES! THE ENGIIIINE!!!"
Bond: "I KNOW!"
Then cut to close up on Bond's furrowed, perspiring brow as the controls shake in his hands and he mutters to himself: "C'mon, dammit!"

I love every part of the scene just the way it is. CGI is fine. The wind tunnel effect is grand. The fall, especially as they enter the sinkhole with plane explosion just behind them, is thrilling. The parachute opens in time and we see them come to a breakneck deceleration. Bond and Camille's recovery is not necessarily instantaneous, even if it is unbelievably complete. My disbelief only requires a touch of suspension. The scene is, in all ways, at the least good enough.
I hereby declare the sequence absolved of all accusations and incrimination.