I could resolve my error by trying this:
python3 -m pip uninstall pynqmetadata
python3 -m pip cache purge
python3 -m pip install git+https://github.com/STFleming/PYNQ-Metadata.git@vivado_target
I followed this post :
CacheMetadataError - Support - PYNQ
Now I am able to sucessfully load the overlay in Pynq with Pynq version 3.0.1 and Vivado version 2022.2.