Aluminum channel might be a bit lighter, but your need for bending will require that you introduce some "V" - like cuts into he stabilizing sides. Those will weaken the stability, and they might also develop into longer and unwanted cracks under the weight of the A/C unit (e.g., when hitting pot holes in the roadway).
With wood, you could build the curved shape more accurately. I would use a single piece of high quality wood, and I would paint ALL OF IT with Laticrete "HYDROBAN" after cutting the support into shape. (If you need to use two separate pieces for street versus curb sides of the roof "shell" paint Hydroban over the joint area as well - after they are joined together.)
Unlike most other "tile substrate waterproofing products", Hydroban maintains good flexibility and DOESN'T CRACK when the substrate moves. It can easily handle 1/16th to 1/8th inch of sudden movement stress within a tiny in a joint, and the overall flex of a support can be much longer than that. It stay slightly flexible for many years.( I live in Earthquake country, BTW).
Other paint-on watroof products, such such as 'redguard' (SP?) don't stay flexible. You will not find Hydroban at any big-box hardware store, you will need to go to a large tile/stone supply place which caters to pros in order to order a small quantity. I'll guess the minimum size sold is 1 gallon, even though you need only about a quart. Expect to pay well over $100 for that gallon.
https://www.laticrete.com/en/products/hydro-ban