Most of the operators and macros in alert query are same as the ones in work item query.
So you can reference the WIT query, see Query fields, operators, and macros for details.
For the bracket value [Current Project] is just the project which you involved in for now.
In Alert query, [Me] is just your account, that means yourself. And for the team context, the alert query interprets the @Me variable as anyone who is a member of the team.
Tip: For the team context, the alert query interprets the @Me variable
as anyone who is a member of the team.
Source here: Set alerts, get notified when changes occur
Based on your requirements, you can try to create both personal alert and team alert, or enter the eamil addresses to exclude/include the specific users directly when create the alerts.