I usually release Egypt day 1 and wait for 5 years to stomp them. If you see Austria joining against you but not GB on your side, just use Eritrea as primary war goal so nobody will join the war. 1v1 against Egypt is very easy.
You will get 2 points from Egypt in 2 wars, 1 point from suppression thingy which is totally free, and last point from army modernization, just do the army tech for 2nd level barrack upgrade and that's it.