We revisit the hybrid inflation model gauged by $U(1)_{B-L}$ extension of the Minimal Supersymmetric Standard Model (MSSM) in a no-scale background. Considering a single predictive framework, we study inflation, leptogenesis, gavitino cosmology, and the stochastic background of gravitational waves produced by metastable cosmic strings. The spontaneous breaking of $U(1)_{B-L}$ at the end of inflation produces a network of metastable cosmic strings while, the interaction between $U(1)_{B-L}$ Higgs field and the neutrinos generate heavy Majorana masses for the right-handed neutrinos. The heavy Majorana masses explain the tiny neutrino masses via the seesaw mechanism, a realistic scenario for reheating and non-thermal leptogenesis. We show that a successful non-thermal leptogenesis and a stable gravitino as a dark matter candidate can be achieved for a wide range of reheating temperatures and $U(1)_{B-L}$ symmetry breaking scales. The possibility of realizing metastable cosmic strings in a grand unified theory (GUT) setup is briefly discussed. We find that a successful reheating with non-thermal leptogenesis and gravitino dark matter restrict the allowed values of string tension to a narrow range $10^{-9} \lesssim G\mu_{CS} \lesssim 8 \times 10^{-6}$, predicting a stochastic gravitational-wave background that lies within the 1-$\sigma$ bounds of the recent NANOGrav 12.5-yr data, as well as within the sensitivity bounds of future GW experiments.