Your point "I think during a VM creation, a VNet and Network Interface (NIC) creation are mandatory. Because of the Policy, won't VM creation be stopped?" is correct. Any new VNet creation during the VM creation should fail in the RG that has restrictions.
However, if there is any existing VNET available in the RG already that can be used to create the VM. In that way the VM creation shouldn't fail.
If this does answer your question, please accept it as the answer as a token of appreciation.