I don't think the 555 voltage has anything to do with the motor voltage, they are two different things.
The 555 is fed by the 12v, that gets dropped with the 1k resistor, down to a useable (5v?) voltage.
(pretty sure thats how it goes)
The motor voltage and current is controlled by the transistor shown, but it's type isn't shown, so we don't
know the transistors ratings. (Or what it is, FET, SCR, ETC?)
The 555 control's the transistor through the 330 ohm resistor, which is a very small voltage.
The motor is fed through the VM, (+) and the ground, (-) as an independent circuit.
The voltage and current of the motor depends on what that transistor will handle. If you know the part number
of that, you can look up it's spec's, and see what it's ratings are, and then you can substitute it with a different one
for the rating your looking for if you need to.
Just my humble opinion, I'm no expert, but I've fooled with this stuff a lot over the years.