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Via https://aws.amazon.com/rds/faqs/
Q: Do reserved instances include a capacity reservation?
Amazon RDS reserved instances are purchased for a Region rather than for a specific Availability Zone. As RIs are not specific to an Availability Zone, they are not capacity reservations. This means that even if capacity is limited in one Availability Zone, reservations can still be purchased in the Region and the discount will apply to matching usage in any Availability Zone within that Region.
answered 4 years ago
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Yes ODCR (On-Demand Capacity Reservation) capability is not available on RDS today.
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I did not come across any documentation indicating RI prioritized over On-Demand. The value of RI is in discounts
answered 2 years ago
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To clarify - RDS RIs do not reserve actual capacity, and they just provide a billing discount.