Well, I have to temper myself here. I feel that the No-God could be a meaning-sink, however, I can't follow that the No-God actually destroys meaning. This is because, if it were so, then simply raising the No-God would have accomplished the Consult's end. We know, however, that this was not the case, that the world still needed to be reduced to 144,000 and sealed. So, there must be more to it.
I feel like there may be a parallel between the Toir’inskiri, "grave-with-no-bottom" and the No-God, in the sense that one is their surrogate world and the other is their surrogate god. In other words, the No-God preforms the same function as a god would, collecting up souls. The inversion of course is that the No-God is Inside rather than Outside and as such, has no way to know who or what it is itself, it simply does what it was made do.
I'm not sure I articulate this well, perhaps I need to go back to the drawing board...