I think she looks great, with her current look as well. Personally, I took his joke in a more positive way.
"Jada, I love ya, G.I. Jane 2, can't wait to see it."
I saw it as
"Dig the look, fit and strong to play G.I. Jane." The joke is on the haircut, but the association to her illness is made by people individually. He mentions not of her illness, people jump to that conclusion by themselves. (Unless he has previously made comments about this before specifically to the illness?) Clearly a lot of people has so I might be the minority here.
Had he said "Jada looks like she has had 5 rounds of chemo." then that's low.
But then again, this is America, and by their own rules, they are free to say what they want, I don't want to put my own ethics on their laws, and by their own law, he is free to tell jokes that he is paid to do. Plus, I am sure there was a rehearsal and proofread by lots of higher-ups in the Academy.