Category: Platform Designer
Tools: Quartus® Prime
device:-

According to Avalon specifications, readwaittime and waitrequest cannot be used together.

You can confirm this by looking at the Avalon-MM Slave BFM parameter settings in Platform Designer, and when you enable waitrequest, the readwaittime setting is greyed out.

(Reference) Avalon Verification IP Suite: User Guide
https://www.intel.com/content/dam/www/programmable/us/en/pdfs/literature/ug/ug_avalon_verification_ip.pdf
(See 6. Avalon-MM Slave BFM)

Also, the Avalon spec says that readwaittime should be used for Slaves that don't use waitrequest.

(Reference) Avalon® Interface Specifications
https://www.intel.com/content/dam/www/programmable/us/en/pdfs/literature/manual/mnl_avalon_spec.pdf#page=19
(See the description of readwaittime in 3.3. Interface Properties)

Basically, when waitrequest is enabled, the master's waveform is determined by the state of waitrequest.