I think the redline on the old CHT gauge is 460F (238C). My monitor alarm is set to 200C (392F) - a nice round number that is, like your 380, considerably less than the gauge redline. I’ve seen 210C once, on a very hot day just after take off, but anything over that I’m back on the ground, one way or the other.
Yes - EGT is not the problem, but rather CHT.
However, EGT provides some good reference points that assist in keeping CHT under control. Knowing when EGT peaks is very important, because 40 to 50F rich of that is the mixture at which you will give an engine its hardest (and unnecessarily hard) beating. And to return to the specific issue raised by this thread - knowing the EGT ‘balls to the wall’ at sea level on a standard day gives you the reference for leaning during the climb, as well as the reference to lean to when taking off from a field at higher density altitudes.
26lph and 140kts TAS: A beautiful set of numbers!