VBAL is meant to be a core holding yes. These all-in-one funds are essentialy meant to be a one stop shop for an entire portfolio. You buy the fund, and it gives you 60/40 exposure to equity and fixed income.
For better options, I assume you mean better 60/40 options? On that front, all of these all in one funds are generally the same. XBAL, VBAL, ZBAL, etc. The only thing I would maybe say is something like ZBAL, which is BMO's 60/40 all in one fund, does have lower fees. But it is around 2 basis points, or 0.02%. If for some reason you are set on buying a Vanguard fund, I wouldn't fuss too much about 2 basis points.
BMO's all in one fund does have a little more exposure to US companies and fixed income. However, it is relatively minor and most all of their funds do this. I wouldn't expect it to have a material difference on returns.