This replication architecture decouples the processes of fetching and replaying events on the slave, which allows them to be asynchronous. That is, the I/O thread can work independently of the SQL thread. It also places constraints on the replication process, the most important of which is that replication is serialized on the slave. This means updates that might have run in parallel (in different threads) on the master cannot be parallelized on the slave.
The weakest link is not your slowest server, but serialized writing of replicated data.