Configuring High Availability (HA) for Cloud SQL and creating a Failover replica in the same region but in a different zone is the correct approach. This setup ensures data redundancy and automatic failover to the standby instance if the primary becomes unresponsive. Read replicas do not offer failover capabilities, and HA-configured instances must have their primary and secondary instances within the same region, not in different regions. For more details, refer to Google Cloud SQL documentation.