I think it was the other way round, Yes/No, he wanted to write a text with several layers of meanings. Joyce and other writers of the 20 C were adept of experimental literature. The important thing for them was not only what they wanted to say but how they would say it. They experimented with form, exploring different meanings of words and languages, often inventing their own grammar and their own sintax, thus creating multiple levels of significance.
Here are some interpretations of the first sentence of the text:
"Riverrun, past Eve and Adam's, from swerve of shore to bend of bay, brings us by a commodius vicus of recirculation back to Howth Castle and Environs."
http://www.antimoon.com/forum/t6441.htm
I think that among other things, probably all those interpretations make sense, the sentence refers to the complex movement of the text itself, like the great river of human tradition which started with Adam and Eve, but also that smaller Dublin river they refer to that passes the Church of Adam and Eve. And he is warning that it is a circular and ciclic narrative where there will be repetitions. The great pulse of life including the smaller cicles of human lives and among them this Finnegan.
Yes, I think it has a "metastory" level, but the idea seems to be to defamiliarize the usual concepts of narrative, text and language.

