@user267839 I think you're mostly on the right track, but could we just start again from the top since it's gotten to be a bit of a mess? Let $T$ be ZFC. $T$ proves there is a unique minimal inductive set... call it $\omega$. That's what $\omega$ is... the natural numbers according to $T$.
@user267839 Now, in $T$ we can also develop model theory like we develop any other branch of mathematics by coding concepts into definitions involving sets. In particular, we'll define formulas in the language $\in$ of set theory as a certain collection of sets, and we'll define what it means for a relational structure $(M,E)$ to satisfy a sentence in the language of set theory. We can write down a definition of what it means for a given sentence to be an axiom of ZFC as well.
@user267839 And then, just like we established previously that $T$ proves there is a unique minimal inductive set, we can prove, in $T$, that any relational structure $(M,E)$ that satsifies all of the ZFC axioms (according to our formal definition) will satisfy the sentence "there is a minimal inductive set". Then we can show in $T$ that implies that there is a unique element $\omega_M\in M$ such that "$\omega_M$ is the minimal inductive set" holds in $(M,E)$.
@user267839 And yes, we can refer to $T$ as the "metatheory" and ZFC as the "object theory" here.
@user267839 Then, continuing to work in $T$, we can ask questions, like, "is $(\omega,\in)$ necessarily isomorphic as a relational structure to $(\omega_M, E)$" and prove that that's not always the case, assuming a model of ZFC exists.
@user267839 And to circle back to your question, this does not necessitate any kind of Platonistic commitments, since we are just analyzing the "metatheory" T formally.
@user267839 Now, we could also just forget about $T$, and say there's a real universe of sets satisfying the ZFC axioms and so much more, and say $\omega$ is just the (real) natural numbers, and there are also these things called models of ZFC that necessarily have an element they think are the natural numbers.... that would be Platonism.
@user267839 The formalist thinks that while the Platonist may be incorrect that these things actually exist, their reasoning process is still interesting and can be modeled by proving things in $T$, as we sketched above.
(Which is why I say the formalist’s metatheory is really the meta-meta-theory.)
(And also why I indicate that the formalist is more pedantic about the distinction between the formula in the metatheory and the object theory… they are actively formalizing the platonist’s metatheory rather than leaving it informal like the platonist.)