Not a lawyer or anything, but my layman's understanding is that, you essentially are voluntarily opting-in to waiving liability when you sign up for AWS and accept the terms and conditions, and instead of liability, you agree to accept service credits if SLAs are not met.
RDS SLA's are here (doesn't mention backups though, so not sure how that's handled): https://aws.amazon.com/rds/sla/
Not a lawyer or anything, but my layman's understanding is that, you essentially are voluntarily opting-in to waiving liability when you sign up for AWS and accept the terms and conditions, and instead of liability, you agree to accept service credits if SLAs are not met.