Plane Engine Fall Theory
It looks like an error, to make a plane engine fall 'slower than a parachute', and there's really no way around it.
However, if we stretch a cartoon Universe's physics just a little bit, I have a theory that might make it almost plausible.
The airplane explodes. Explosion doesn't send parts just downwards, and those parts don't just start immediately falling at normal speed, but they have a velocity towards other directions as well.
Now, let's assume that the plane engine shot straight upwards, very very high into the air, because after all, an explosion sends plane parts to all directions.
So this engine flies very fast, very far, very high into the air, while the protagonists safely parachute down into the water. It takes it awhile to slow down to a halt, and then it takes some time for it to start falling, and to gain speed, and all this time might JUST be enough for the events of the movie to occur the way they do, the plane engine finally crashing into the ocean, long after the slowly parachuting elastigirl and kids have 'landed' (or should I say, 'watered' or 'oceaned'?).
Probably wouldn't work in real world, but I think this explanation -could- be applied to cartoon Universe with slightly stretched physics. Maybe.