No, not really. Time range for metadata only affects which entries that will be returned based on recentTime and lastTime.
May I suggest another option - use metasearch instead. As a bonus this also enables you to split your stats by multiple fields if you want (so for instance you could do stats count by host,sourcetype). This query should give you something similar to what you get with metadata:
| metasearch earliest=-1d | stats latest(_time) as lastTime,count by host