AEMaaCS how to replace Metadata Processor step in workflow

We're migrating workflow models from AMS to AEMaaCS, and some of our workflows used the Metadata Processor step which is no longer supported in AEMaaCS. In our workflow models, the Metadata Processor step is followed by custom workflow process steps to add some custom metadata properties.

I saw this article which describes how to apply a workflow model to a folder, but I'm a little unclear on what exactly needs to be done to replace the functionality of the Metadata Processor: https://experienceleague.adobe.com/en/docs/experience-manager-cloud-service/content/assets/manage/asset-microservices-configure-and-use#apply-workflow-model-to-folder

To replace the functionality of the Metadata Processor, would we need to create a Metadata Profile with out custom metadata properties for our custom workflow process steps to work? Or would auto-starting the workflow on a folder be enough for our workflow models to work as before? 

Additionally, is there a way to apply a workflow model to the dam folder itself, or only folders within dam?

Appreciate any help and/or resources.