There isn't any cap or limit of egress traffic for a VM's in GCP.
As you've found out you can set budgeting alerts in your project.
To be more specific however you can set alets for a certain product (refine the scopoe) such as Compute Engine or App Engine etc. Even more - you can set up alerts for a resources with a certain label. If you for example put different labels for a different VM's you can set billing alerts for those. It won't stop them from going over the limit but you will know precisely which VM is generating what cost and set alets with different threshold levels (30,50,80%).
If you go with the labels then creating them (or adding to already existing resources) is easy - just have a look at the documentation on how to manage GCP labels.