Hello Alex
BFD is supported by VRRP on Cisco devices and provides a much faster response time than IP SLA. It is always best practice to introduce a delay in the response to an IP SLA detection as a single lost ping may not be an indication of a loss of connectivity, and could result in undesirable flapping. BFD on the other hand is more reliable in this and provides sub-second response times.
You can find out more about using BFD for VRRP at the following Cisco documentation:
You just have to ensure that the platform and IOS that you are using support the use of BFD for VRRP.
I hope this has been helpful!
Laz