I believe most safety covers say the pool water level should be no more than 18% from the top of the pool. My solid cover w/ mesh drain panel says that also. And my cover is currently sitting similar to yours (without all the snow, just melted and refrozen ice) on the pool water surface.
Moral of the story, if you are at or less than 18", then you're fine, let it stretch and sit there.
Being this is the first year with a safety cover, I put a pump on the melting ice near the mesh drain panel, and let if run, hoping to get more water off the cover. I had done this before, but the cover wasn't yet touching the pool water. However, due to the weight of the snow/ice, and I was pumping out pool water, probably hitting 24" below the top. And about 6 of the spring tensioners snapped over night. I was more successful in pumping water from the cover into the pool, to raise the ice level (it was semi frozen and supporting the cover) And adding water from a hose at the same time.