The CPU usage shown in Google Developers Console is not that of the instance, but the CPU usage of the container managing the instance. This container is in charge of providing the virtualization services to the instance and collecting all the metrics used for load balancing, auto-scaling, cloud monitoring, etc. As such, high numbers of I/O or network operations will cause the CPU utilization shown in Google Developers Console to spike.
I hope that helps.
Faizan