I was a cheerleader for 4 years in high school. I still refer to it as my 'first sorority' because many of the things we did in HS are similar to what I did as a sorority collegian.
First of all, because we were considered 'student athletes', we were expected to maintain a solid GPA because we couldn't afford to be put on academic probation. You had to maintain a C average, but everyone tried to do their best in the classroom because we all wanted that student-athlete award at the end of the year!
In addition to our duties at the games, we were expected to choose a philanthropy at the beginning of the year and support them financially and physically. I've been a part of fundraisers for Big Brothers/Big Sisters, the RM House, Shriners' Hospital, and Make-A-Wish.
If anything, cheerleading was very time consuming, but it was a necessary tool in helping me with time management. To be honest, it didn't even come up until after I was Initiated. I didn't belong to TONS of clubs in HS, but I'm assuming that cheerleading got buried somewhere behind Student Council, Campus Ministry, and Yearbook.