Before jumping into SLA's - here are some basics:
Azure Availability Sets is a KNOB that a given Azure DataCenter exposes to you - on the placement of infrastructure within a given datacenter - to be placed across hosts, racks, power supplies & cooling systems - basically across all several possible failure points. So, if you used Azure Availability Sets option & then, lets say, one bad day, in East US region, the RACK on which your VM is running in the East US data Center went down, you are safe - as you created redundancy across these failure points - your stuff is running on a different rack. However, if an entire Azure datacenter's energy/power supply broke down, or the extreme worst case, the datacenter collapsed - your VMs will be completely unavailable. Azure had the notion of Availability Sets right from the early days of Azure.
Azure Availability Zones was introduced by Azure recently around 2017-18 timeframe - primarily to safeguard against these datacenter-level failures. As part of solving this problem, a given region was divided into Zones. Simplistically, Zone is the old Data Center. So, a region has now, Multiple Data Centers! You (customers) can refer to these Zones - with ZoneIDs and place their infrastructure in a single region - across Data Centers! This means that, now, if you used the Availability Zones feature and if one of the Data Centers went down, you still have the redundant infrastructure that you provisioned in the Same region (which means very similar latency guarantees) up & running!
Now, although it looks very simple, to build a fully Zonally redundant solution, there are complex problems one should understand like, if you create a Virtual Machine Scale Set
using VMs
from different Zones - how does Azure solve maintaining the redundant n/w infrastructure, as a customer how much does Azure charge for n/w'ing across these cross-zone vms, what are the storage/data solutions available and how to opt into Azure knobs for data services to replicate this data cross zones!?
in total, there are 3 high availability options on Azure. read on...