My dd is only 4, so we are JUST beginning to get into this. However, we live in Texas...cheerleader heaven...so, 4 is the age they begin them here (and, dd has wanted to be a cheerleader since she was 2!!)
But, I do have to say...I don't know what your cheer system is like, but here it is a "discipline". It is not about the "hoochie mamma" moves or skimpy clothes, it is about skills and abilities. When my dd attends her cheer and gymnastics classes, we get to watch some of the teams practice. These girls are dedicated and focused "athletes". Their practices go for a minimum of 3 hrs per practice (often more), and the focus is always on personal achievement. I'm not sure what your program is like...I am talking about a competitive gym. The youngest teams start at 5 (no competitions until they are 6), and even at that age, every practice starts with conditioning (i.e. running laps around the gym). Each child is also sent home a weekly conditioning sheet where specific assignments are made and parents have to sign off that the exercises at home have been done. These include, running, daily stretches, sit ups, and push ups. It's pretty heavy stuff. But, when you think about it....it is no much more than what she is required to do in her ballet class (hair in bun, black leotard, pink tights, no skirt, etc). Her ballet class also has "homework" where she is told what stretches and exercises to work on during the week.
Then, there is the added benefit that my dd REALLY wants to make both the gymnastics and cheerleading teams (we'll see!!), so she really does practice and work physically much harder than she otherwise would. My dd has a "six pack" on her abs that is amazing!! The coordination and confidence has made her better at ALL kinds of activities...she "picks up" most other activities very quickly now....because she is used to "listening and trying".
I don't know if my child will ever be a cheerleader, gymnast, or ballerina....but, the benefits (both physical and mental) I have seen have convinced both my dh and myself, that the BEST money we have spent on her so far, is the money we have spent encouraging her to be physically active. Now, I might change my tune if she ends up being a "flyer"....yikes!!!...I might have to draw the line there. There's something about other girls throwing my dd up in the air that just makes me want to toss my cookies....I don't think I can handle that!!!
Long story....but, my advice....find a GOOD cheer program where the discipline and hardwork is stressed over the "glamour" of the sport, and see if the WORK is actually your dd's cup of tea.
As far as "is it too late?". No, it is not. But, if you are in a Southern state, be prepared that many of the girls (like my dd) will have 5 years on your dd. Most competitive gyms have an "age range" for squads. She will probably be placed on a squad where she is one of the older girls (they go more by skill level than age), and the gym may ask/require that your dd take a conditioning or tumbling class to assist her in her development. They will also likely push her pretty hard in her stretching. But, those are all excellent ways to get physical exercise in a way she will love!
Only you can decide....but, I say find her a good program, and let her give it a try.
Beca