Yep, once he reached denser air, he'd slow down to a TV of 120 mph in a stable position. Although he used a 'throw away' to deploy his canopy, he would almost certainly have had a AOD fitted also.
At the top of the lift webs (risers, in American parlance), there is a small rectangle of fabric called a 'slider', which is designed to slow the deployment (relatively) of the 'ram air' canopy as it leaves the pack, to minimise any line twists, and reduce opening shock. That said, the harness would expand considerably as the canopy deployed, allowed for in the design and employment of the webbing material, before quickly returning to 'normal'.