My own experience from having cp in competitive dance, high school cheer and now all-star cheer...cheer is much less expensive!! and less of a time commitment!
My cp danced 6 days a week/12-14 dances. With the tuition, costumes, shoes, tights, makeup, team jacket, travel, hotel, meals, etc is was over $6000 per year. Her dance studio was in a smaller community and therefore tuition was less costly than in the big cities here. With cheer, it's not even close :) She is in the gym 4 days a week right now (2 are for private tumbling) and even with the private tumbing costs we're not anywhere near the $6000/year.