All of my electronics are in their own separate waterproof ziplock. All my food is hanging in a tree. My clothes are either a pillow, or in a separate waterproof bag in my tent. I could always put the clothes outside because they are in their own bag.

However, when I was younger with a bigger pack, I would keep it outside. I would usually hang it on a branch with the pack cover on it. The tree itself keeps the straps dry, and the cover keeps the rest dry from blown rain. If you pick your tree correctly, not much water will hit it in a downpour, covered or not.