Tubular kevlar has a bit of stretch, just like tubular nylon and most rope, about 1%, but nothing like bungie. It's usefulness lies in it's strength.
To overcome it's lack of stretchyness you use more of it than you would bungie cord, a lot more. For example, I used 10 feet of 3/8" TK in my Big Daddy, build mostly stock. It's pretty flame proof but I use a nomex pad to protect the chute.