Maybe I have it wrong, but the SRD says (my emphasis):moritheil said:Negating one hit per round is helpful, but when the sky rains arrows . . .
This doesn't seem to limit to only one attack per round.....Cover
You can react instantly to drop down and hang alongside your mount, using it as cover. You can’t attack or cast spells while using your mount as cover. If you fail your Ride check, you don’t get the cover benefit. This usage does not take an action.