Read replica will be most suitable if your application is:
- Read intensive.
- Can live with a minor lag between the data written to DB and data replicated to read replicas.
Multi-AZ setup is for High Availability whereas Read Replica is purely to reduce the load on the Database Instances. This improves the read performance and avoids bottlenecks to the databases for writing and reading.
The comparison of the master-master vs master-slave depends on several factors like date, data volume, an operation like write or read, load, etc. you need to work to see exactly how the system performs with either of the setups.