It is indeed possible and it looks like you’re fairly close in your screenshot. Check out the Valley of the Ancients sample project and look at the MetaSound named sfx_banner_flaps_meta. It has three layers of flapping sounds that play repeatedly with different random intervals between repeats. Here’s a screenshot of one of the three layers:
Another thing that might be of interest to you is Dan Reynolds’ Soundscape plugin, which you can try out an early version of for yourself in many of the recent sample projects (Valley of the Ancients, Matrix Awakens City, and I think the Medieval Game Environment). You can even copy the plugin to your own project and use it there. He has a couple of videos on his YouTube channel that go through it—here is the first one.
It’s designed for creating ambient soundscapes and has loads of customizable parameters—one of those being the spawn interval min and max. I believe they’re planning it to be added as an engine plugin in the relatively near future.