Should my security cameras be raised up under the soffit for weather protection?
If those cameras are rated for outdoor, then I wouldn't worry about shielding them from the elements. I would focus instead on capturing an appropriate image. Place them where you feel they will get the picture that you need.

If those cameras are NOT outdoor rated, I would recommend getting an outdoor rated camera. Most people are quick to buy a DIY camera kit but in my experience most of those systems are garbage. If you want to be able to actually make out someones face, then you need to get a very high resolution camera. Most of the people I know have 720p cameras which are good for seeing that something is happening, but not great for picking out fine details like license plate numbers. 1080p Is generally a good bet but for my front door, I use a 1440p camera. When I check on it remotely, I can literally see the ants on the ground in front of my house. I also get EXTREMELY clear images of the solicitors and others that come to my door. If you want some recommendations, please let me know.