The purpose of the cyanoacrylate being mostly to seal the wood from water intrusion
yes, but moreso to make the threads solid so they will take the compression force as you screw the plug in .. as opposed to deforming/crushing and losing the edge of the thread as wood is prone to do when snugging down.
At the hobby shops they sell the CA in three grades of thickness - I'd use the thinnest and wick it into the threads enough to cover them but not soaking wet. The thin CA runs like water so be prepared for it to run out the bottom working over cardboard with a rag handy for overage (not paper towels as they'll set instantly to the glue and leave you with a mess). If you think Crazy Glue is sticky - wait until you see what a good CA is like.
Let it dry, then chase the threaded rod through the hole and do it all again if needed. It'll make the wood threads super strong.
.. or to adhere the screw-in receiver, PW?
no, not advising CA to glue the insert in - for that I'd use something like Goop. Personally I'd leave it alone as I think the screw force should be sufficient and it renders it removable. If I later determined it was prone to backing out I'd glue it