It can have a story and cutscenes but it all depends on how much MTX are distorting the gameplay.
The trend these days are that MTX have little to no bearing on core gameplay - especially character gacha games.
Story content are almost always can be completed easily with low rarity/F2P characters. It's the desire to have SSR rarity characters among whales, and high rarity characters are almost always overpowered to actual story content