The "stadium" side of the ground is where all the members sit. It makes sense to have the cheer squad in the area where the members sit to help with the atmosphere. Since the stands at Skoda are quite well enclosed, the sound travels quite well around the ground. Having them under the cover makes sense from that perspective. For what it is worth, right down by the fence is still fairly exposed to the elements. ..and anyway the home fans should get the best choice.
And on that, the 2nd tier of seating is completely covered from the rain, the ground tier is covered about half way up. If it gets really wet and windy I think the 2nd tier would always stay dry while the ground might cop it a bit.
A lot of Giant members actually watched the game from inside the members bar which has floor to ceiling windows looking out towards the ground and some actually slide wide open. Its a great wet-weather option.
From inside members bar:
From members stand (above the members bar):
Looking back at members stand from behind the goals. Members bar is on the concourse there.
Members bar is fantastic, I've spent a whole game in there at night (v Essendon) and day (v Crows) and you can't get a better spot, love it, well worth the money spent.