Is that a good idea in any case? I'd argue against it, simply because RPGs need different story structures from most other media. The group of characters who are approximate equals doesn't fit most other kinds of storytelling.
Given how licensed RPG's have been some of the most successful, I'd say yes.
For a good chunk of the 2000's, WotC's Star Wars RPG was the 2nd best selling RPG out there, after D&D. For much of the 1990's, West End Games's Star Wars RPG was one of the top sellers. TSR's Marvel RPG was one of the biggest RPG's of the 80's after D&D. There have been 4 different Star Trek RPG's over the last 40 years or so.
Licensed RPG's have been around for decades, and have been very popular and successful. If they weren't, people would have stopped buying them (and stopped making them) a very long time ago.
As to how that fits with metaplots, at least in those settings, there are generally different eras or series or points that a game supports.
Like in Star Wars, you might play a game set during the Old Republic, the Clone Wars, the Galactic Civil War, the Yuuzhan Vong War, or the Sith-Imperial War. . .but a new era with new plotlines emerging doesn't mean that old eras aren't supported anymore. A new Star Trek series coming out doesn't mean that no products will be released to support games set during previous series.
When WotC released Spellplague-era Forgotten Realms for 4e (or when TSR released 5th age era Dragonlance), they stopped producing materials set in the prior eras, that new era became the presumed standard that all games would be run in and new books and articles that were released only covered that new era. When White Wolf had their "Reckoning" plotline, there weren't any wraiths anymore and it became extremely difficult for mages to travel to other planes after that point. . .so they didn't make any books for Wraith and mage books stopped covering horizon realms or the umbra because mages really couldn't even leave Earth anymore. . .which meant that metaplot introduced big, sweeping changes to a setting that reflected in all official depictions of the setting going forward.