No, it is not the best time of the year for Boracay - that is probably late February and March, before it gets too hot and before the rain/typhoons start. Unfortunately August can be Typhoon season - it might rain, it might be windy, or it might be hot, humid and sunny. Is difficult to tell. Boracay is a smallish island. There are heaps of resorts/apartment complexes and heaps of bars and restaurants ($1 beers). Boracay is a great place for relaxing and doing nothing - if the weather is on your side. But expect hot, otherwise hot and wet.

Cebu has about 4million people in it - so it is a city. Shangri-la Resort is good though, but is not in the city. Perfect to laze around the pool and beach.

Depends on your budget and style, but if it was me, I would go to Boracay for a week and take whatever comes. It rarely rains continuously (unless there is a typhoon) and it won't be cold, so take the opportunity and give it a go. You might want to check out tripadvisor.com for more info.

Good luck.