Here's a strategy I've used to defeat the Cloudburst Tank with relative ease. This strategy requires an upgrade though: Cobra Lure.
First things first, destroy all Cobra Drones first. You want to make sure you eliminate all obstacles so they don't get in the way.
Next, do your best to lure the Cloudburst Tank into the canal. The goal here is to prevent it from being able to chase you down since that's one of its bigger (and scarier) strengths. It will have a hard time navigating in and out of the canals so try to keep yourself and the Cloudburst separated.
I don't have a save where I can revisit the battle but this is the area in the canals that you will want to lure it:
Use your lure by shooting in at the ground or walls around the tank in the direction you want it to go.
Once you get it down there, position yourself overlooking the area on the southern side of the canal. There should be some cars and a small set of stairs there (as pictured in the second screenshot).
Then let em have it shooting at the weak spot one shot at a time. Once you shoot it, it will immediately try to go after you. Once it does, start shooting at the ground at the corner to lure it back. You'll never have to worry about outrunning it again.
Take care and avoid any shots it may take at you. Missiles will never go high enough and will always hit the side of the canal, but it's electrical blasts can still get you.
Just repeat the process until you eventually defeat it.
If you have not gotten the Cobra Lure, you'll have a tougher time but the strategy is still pretty much the same. Try to keep the fights around the canals, and stay away from open streets.
If it is over a bridge, go into the canal and shoot at it to get its attention. When it gets into the canal, make sure you're out of the canal and shoot at it again. Just make sure that you're close enough to a ramp or it's far enough away from one before you shoot, you'll need to keep your escape route open.
That corner is a good safe spot do to this as you'll have additional ways into the canal. You can go down the ramp or just fall into it.