Our thinking (Canucks who like oceans but not heat and humidity)
For southern itineraries, we generally look for sun in the AM vs PM- we find the balcony becomes unbearable otherwise.
The only time this backfired on us was a Jan cruise up the Pacific coast from Mexico- shady starboard side was cold in the pm! like wear a hoodie and blanket cold...
In port, it is difficult to know which side is the 'warm' side. This is important as when there is no breeze, the sun plus humidity are deal breakers for sitting outside.

For our Panama Canal full transit, a balcony cabin was a must- it's been a few years, but in one of the locks close to Panama City, we could have 'reached out and touched' the wall... I believe different routes (partial/full transit) would use the old vs new canal so your experience may differ.