'metric_name text' is actually a tag-value list. Many TSDB's allows you to match data by tag. Each tag should be represented by a column in your example.

Single table design will be prone to high read/write amplification due to data alignment. Usually, you need to read many series at once so your query will turn into full table scan. Or it will read a lot of unneeded data which happened to be located near the data you need. Writes will be slow since your key starts with metrics name. Imagine that you have 1M series and each series gets new data point every second. In your scema it will result in 1M random writes.

Cardinality of the table will go through the roof, BTW. Every data point will add the key. Good luck dealing with this.