The XkbSwitchIMappings appears to ignore existing insert-mode mappings with Meta (Alt). I'm not sure there's a way to fix this though: I have not been able to get cyrillic meta mappings to work at all, neither in normal nor in insert.
Oh this of course only applies to console vim with terminal configured to send for alt-combos as per ECMA-35, which is needed if you want to use Unicode. I have no idea how the plugin works with regular, 8th-bit meta (do you want me to test?)