Both the terms have different meaning but are interchangeably used in case of Cnidaria.
Metagenesis is used to describe life cycle that means alteration of generation. Here one generation reproduces asexually that is followed by sexually reproducing generation.
Polymorphism means existence of an individual in two different forms with different functions.
In Cnideria, metagenesis is exhibited by those occurring in both forms. In this: Polyps →medusa reproduces asexually and medusa →polyps reproduces sexually). Thus, both the terms are involved in Cnidaria.