This is a super interesting concept. I feel like I see people who try to build their favorite characters into their favorite RPG's all the time and it sometimes causes friction between the world-building and the character concept. I like that this throws all that out the window in favor of telling exactly the kinds of stories that you can find when you don't worry about dissonance in the genre. The movie Pleasantville demonstrates similar examples where the character's actions are in constant friction with the genre of the TV show they're in.
I find the canon events and in-character meter particularly interesting, though I don't love the GM taking control over the player's actions as the result of falling out of character. I think I'd find it a little bit more interesting if the player still narrated the character's actions, but the GM specified that the results didn't match those actions, almost as if the universe corrected itself to stay in-genre.
For Example: A superhero with eye lazers stuck in a pulpy noir might narrate that track down the villian using xray vision and then they blast them with their eye lazers. However, if their in-character meter is at zero, the GM may intercede and say something like, "After following your hunch to the villian's location, you see them shaking down the dame who came to you for help a few days ago. The revolver is still clutched in your hand after firing off a warning shot. You watch as he grabs the woman and runs through the closest door in the alley."
Effectively, the end result is the same as narrating the character's actions for them, but I think this way offers more agency. I think players would enjoy watching the GM try to twist their actions to suit the GM's purpose more than having to skip a turn entirely while the GM plays their character for them. It feels like when a GM offers a character a monkey-paw style wish. Watching the wish get twisted is the fun part.
Just some thoughts. Thanks for the interesting read!