Do you count cash when figuring stock percentages in your portfolio? How are my weightings?

I have 27% cash right now and usually include it when figuring out the weightings of my various holdings. Should you figure weightings using just your “invested” monies or your CASH also?

Here's my heaviest weightings in my portfolio.

CASH 27%

UNH. 9.8%

GOOGL 9.4%

AAPL 7.0%

FSKAX (TOTAL MARKET) 6.3%

MSFT. 4.8%

TSLA. 3.5%

FSMEX (FIDELITY medical devices mutual)

HD. 2.8%

ODFL 2.7%

Counting cash that's 76% of my portfolio.
Subtracting cash that's about 50% of my portfolio.

The high cash hold is me being uncertain to whether we will dip another 20% next month. I'd like to purchase at lower prices if we do of course!

Do you think I'm too concentrated in the largest holdings?

I feel comfortable though. But wondering if maybe the 9% should be spread more to the lower percentage holdings.

I have about 22 stocks and a few etfs. Most of my other holdings are all less than 2 or 2.5%.