Yes, the view outside from Tony's porch is excellent for seeing the parade. Last time I was there I had dinner and watched the SpectroMagic parade from that porch. Wonderful view!
I might add that I was solo that trip, and was seated on the rail at a table for two. At another, larger table, away from the railing and behind me, a family with two or three children were eating. When the parade started, the kids naturally ran to the railing, but a CM was right there at once, and asked that the family keep their children at their table.
The children were not a problem at all for me, but I expect that it is Tony's policy to not let folks stand at that railing. Makes sense to me.
Enjoy.