That's how I generally do it but I use a persistent global variable so I no longer have to run it every time Node-RED restarts, only when it changes. You could, of course, also add a simple web interface to update it rather than having to use the Editor UI each time - though unless you have multiple people doing editing of flows or you want your family or non-NR using colleagues to edit it, there is little benefit. The inject node now has a nice JSON editor built in which makes it easy.
Over time you can then integrate other ways to change the meta-data if you wanted to. With Node-RED, you don't have to do everything at once.
Here is a single inject node with the data from my example above:
[{"id":"4578c040.57087","type":"inject","z":"a851b997.a01c18","name":"","props":[{"p":"payload"},{"p":"topic","vt":"str"}],"repeat":"","crontab":"","once":false,"onceDelay":0.1,"topic":"","payload":"{\"030197946C6B\":{\"name\":\"Friendly Name\",\"location\":\"Living Room\",\"sensors\":\"THL\"}}","payloadType":"json","x":300,"y":300,"wires":[[]]}]
And here are the 2 simple flows - 1 to set the metadata and 1 that simulates incoming data from your sensor and combines with the metadata:
[{"id":"4578c040.57087","type":"inject","z":"a851b997.a01c18","name":"","props":[{"p":"payload"},{"p":"topic","vt":"str"}],"repeat":"","crontab":"","once":false,"onceDelay":0.1,"topic":"","payload":"{\"030197946C6B\":{\"name\":\"Friendly Name\",\"location\":\"Living Room\",\"sensors\":\"THL\"}}","payloadType":"json","x":310,"y":300,"wires":[["babc5eb4.40533"]]},{"id":"60a5f2f4.37284c","type":"function","z":"a851b997.a01c18","name":"","func":"/*jshint asi:true*/\n\nconst id = msg.payload.Id\n\nconst meta = flow.get('meta')\n\nif ( meta[id] ) {\n msg.payload.name = meta[id].name\n // ...\n}\n\nreturn msg;","outputs":1,"noerr":0,"initialize":"","finalize":"","x":460,"y":380,"wires":[["d32e9eba.f4cc1"]]},{"id":"1b7786b2.601c89","type":"inject","z":"a851b997.a01c18","name":"","props":[{"p":"payload"},{"p":"topic","vt":"str"}],"repeat":"","crontab":"","once":false,"onceDelay":0.1,"topic":"","payload":"{\"Id\":\"030197946C6B\",\"Temperature\":21.6}","payloadType":"json","x":310,"y":380,"wires":[["60a5f2f4.37284c","95dfe296.3bd2b"]]},{"id":"babc5eb4.40533","type":"change","z":"a851b997.a01c18","name":"","rules":[{"t":"set","p":"meta","pt":"flow","to":"payload","tot":"msg"}],"action":"","property":"","from":"","to":"","reg":false,"x":470,"y":300,"wires":[[]]},{"id":"d32e9eba.f4cc1","type":"debug","z":"a851b997.a01c18","name":"","active":true,"tosidebar":true,"console":false,"tostatus":false,"complete":"false","statusVal":"","statusType":"auto","x":650,"y":380,"wires":[]}]
You could do it with JSONata as well but for me, JS is usually quicker and easier for most things.