There is a difference and it is impossible for one to do the others job. The 3ft drogue is designed to stow a boat allowing directional stability downwind. It has not and can not develop the power to hold a ocean going vessel head to wind in any condition.
Size is important.
As with conventional anchoring the size of anchor is important. Under stress a boat will drag an undersized anchor and lay beam onto the weather. Marginally oversized, this is fine, gives that additional level of security. Substantially oversized and it is a weight penalty and a waste of money. When anchoring to a parachute sea anchor, the exact same arguments apply.