Hi Ben,
Thank you for bringing topic up. I would suggest comparing the configurations between predefined Google Compute Engine instances and predefined Cloud SQL instances. You can find a significant difference in the configuration which definitely has an impact on the performance of specific tasks. You can use the price calculator to compare the prices also.
However, two products have their own advantages which can benefit customers according to their needs. So, it really depends on the purpose of the VMs. Moreover, as Cloud SQL is managed by Google; support structure and egress traffic are two other important points need to taken to account while doing the comparison.
I hope this helps.