Is it possible to use different tokens in metatag based on content type
In Drupal 7
When you configure Metatag, you can click on + Add default meta tags and this will allow you to set them up by Content Type.


You will see this gets added to the config tree. Simply now edit the content type you just added.
Bonus/Extra Info
If you need to alter only specific nodes, edit your node and scroll down to the end and select the Meta tags tab.