Metadata is information about the data, it doesn't "do" anything and is, in relative terms, static. Framework Manager is the application used to develop and maintain metadata in the Cognos environment and to package that metadata for its reporting applications.
When a Cognos report runs it reads from your database, period. Whether that database is operational, an ODS, a datamart, or your data warehouse is entirely dependent on the reporting requirements and design of your environment and therefore so is the "currency" of what the Cognos report reads.
As in any reporting environment you can run reports interactively or you can pregenerate and save or distribute them in batch.
If your users truly require up-to-the-minute data, then they will need to be running reports interactively against an up-to-the-minute database.