Why does Tao use the word *metatheory* in this context?
The theory of the real numbers can be described on its own terms without being a part of set theory. Then you can use set theory as a meta-theory without altering the real numbers. For instance you probably didn't generate your real numbers up from the null set, you just started with some axioms about equations. Note that many times in courses there are "illegal" moves when you go outside the theory you are working on and use set theory.
I think that you can compare with : Terence Tao, Analysis I (3rd ed, 2016):
Ch.2 [page 15] : the natural numbers, defined in terms of Peano axioms
Ch.3 [page 33] : set theory : "almost every other branch of mathematics relies on set theory as part of its foundation"
Ch.4 [page 74] : the construction, using set theory, of other number systems : integers and rationals
Ch.5 [page 94] : the construction of the real numbers.
Finally :
- Appendix A : Mathematical Logic : "which is the language one uses to conduct rigorous mathematical proofs."
Now, you can read them in reverse order : within math log we define language (and the tools) of first-order language with equality.
This is used to build-up (first-order) set theory.
With the concepts (and axioms) of set theory we may develop the number systems, up to analysis.
The word "metatheory" is not uswed in the book; thus, I think that in the statement you are quoting, Tao means the "foundational framework" of real analysis : set theory formalized with first-order language with equality.