Presumably we all agree that both of these functions are positive on $[0,\pi/2)$. It therefore suffices to show that
$$ e^{x^2/2}\cos{x} \leq 1, $$
or since the logarithm is increasing,
$$ \frac{1}{2}x^2 - \log{\cos{x}} = \log{(e^{x^2/2}\cos{x})} \leq 0. $$
But the derivative of the left-hand side is $x-\tan{x}$, and this is easy to prove nonpositive in the range we care about.
So starting from $$t-\tan{t} \leq 0,$$ and integrating from $0$ to $x$ gives
$$ \frac{1}{2}x^2 - 0 - \log{\cos{x}} + \log{1} \leq 0, $$
which is what we wanted.
Alternative:
It suffices to show that
$$ \arccos{y} < \sqrt{-2\log{y}} $$
for $0<y<1$. Differentiating, and considering the integral from $x$ to $1$, it is enough to show that
$$ -\frac{1}{\sqrt{1-y^2}} > -\frac{1}{\sqrt{-2y^2\log{y}}}, $$
or rearranging,
$$ y^{-2}-1 > -\log{(y^{-2})}. $$
But this is a standard logarithm inequality that follows from e.g. concavity.
Is there a way to do this kind of proof forwards?
$$ e^{-x^2/2} \geq \left( 1 - \frac{x^2}{4} \right)^2, $$
so it suffices to show that $\cos{x} \leq ( 1 - x^2/4)^2 $. It's easy enough to see that
$$ \cos{x} = 1-2\sin{\tfrac{1}{2}x} \geq 1-\frac{x^2}{2}. $$
Differentiating $( 1 - x^2/4)^2-\cos{x}$ twice gives
$$ \cos{x} - 1 + \frac{3}{4}x^2 \geq \frac{x^2}{4} \geq 0, $$
and integrating this twice gives the result.
It would be interesting to construct a "calculus-free" proof of the inequality $\cos{x} \geq ( 1 - x^2/4)^2 $, based only on $\sin{x} \leq x$ and the like.