It seems the protagonist arc of metamodernism is more or less coming to terms with the fact we are on an absurd interactive ride, and we can enjoy it and that's enough.

Is this close to the mark?

I don't think enjoyment is the outcome: sincerity is. So, it can be in different directions. An oscillation of breaking down of conventions (postmodernism) and sincerity (modernism). eg, The Rehearsal from Nathan Fielder is about the absurdness and sincerity of not being prepared.

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Can be about any trope/theme, really. It's tackling classic themes that's not trying to avoid critique (modernism) and not purely breaking down of genres to endless self-reflection (postmodernism). :)