(disclaimer: While I know Matomo pretty well, I am not that familiar with Analytics in general, so I am not sure if I understand everything correctly)
Must Have metrics:
If you mean the page view time, Matomo tracks it by default as the time between two pageviews. You can also enable a heartbeat-ping for more correct timings.
Is calculated by Matomo
Matomo has a really extensive Library to detect Device Type, Os, Brand, Browser, etc. wherever possible
Submitted applications (completed goal)
See Goals and Conversation tracking
If you need more detailed form analytics, check out https://plugins.matomo.org/FormAnalytics
Tracked by Matomo by default
Page views (to enable funnel reporting)
Page views are tracked (obviously), there is a plugin for advanced funnels: https://plugins.matomo.org/Funnels
Ability to filter these metrics by:
Source (parameter value)
Campaign name/ID (parameter value)
You can filter everything in Matomo by every available Metric by creating a segment. Matomo also supports Campaign Tracking.
Ability to drill down to individual level (including recipient ID parameter)
See above. You can also store whatever data you want in an custom dimention and then segment by it.
Access to these raw logs
Where would these be stored?
As Matomo is self-hosted, you can simply check the MySQL-Table or use the extensive HTTP-API.
DS to have access for reporting / adhoc projects
I don’t know what you mean. If you want to create custom reports combining any data there is an plugin: https://plugins.matomo.org/CustomReports
Nice to store in a place Adobe Campaign can directly access (potential to retarget)
I don’t know anything about Adobe Campaign
Nice to have:
Ability to filter metrics by recipient ID within dashboard
Segments should also help here.
Nice to have metrics:
Matomo supportly many geolocation providers out of the box. (GeoIP2 by default)
Matomo obviousy can’t detect demographics, but if you have data about your users you can store it in an custom dimention and then view it in Matomo.
I hope this helps you. Also check out the Matomo demo: https://demo.matomo.org/
But the easiest way is to just try it out yourself. Download it now or try out the 30 day free trial of InnoCraft’s hosted Matomo instance.