Commerce R&D made changes in the latest 10.1.1 package to make cross-reference of metafields (for example, using a meta field in both catalog and order contexts) an exception/error, hence why the error upon upgrade.
Technically speaking, there's nothing inherent in Commerce that would prevent you to make the cross-reference, but it seems that due to some other bug fix or fixes in 10.1.1 it perhaps necessitated that there be additional checks on the meta data structure (and the error suggests the system assumes you should only have this meta field in a catalog meta class).
To get around this error, there are a couple of options:
1. There are plans by R&D to "soften" the error in a future package release (10.2 or later). In the mean time, you can upgrade to 10.1 instead of 10.1.1 and wait until the package with the fix is released to upgrade to that version.
2. If a possibility, remove the cross-reference and make sure that the meta field is only used in the catalog system.