No it wasn't keeping them contained, but it was an attempt to draw out the US carriers. Had the US lost Midway and Japan not got bogged down in the endless, unwinnable campaign in the Solomons that absorbed endless Japanese resources, Yamamoto's plan may have worked as his stepping stone to Hawaii. Only Midway and they probably couldn't have kept it... Had they got to Hawaii, I'm not sure Japan would have cared much about the atoll.
As it was, with help in the Solomons, Midway turned the war in the Pacific. Least that's how I understand it, though I've certainly read more of the war in Europe. :)
My understanding is that while the US losing her carriers at Midway would have allowed Japan free reign in the South Pacific for a few months, that was already the case for anywhere that all 6 fleet carriers showed up. Nothing the US had - combined, worldwide - could match those 6. Killing the US carriers at Midway was just to turn it from a 6v3 to a 6v0 - instead it ended up 2v2, but so goes war.
Japan invading Hawaii would have caused a famine if they succeeded - it'd be even harder to keep supplied than Midway, but with dozens of times the population.
In my opinion Midway marked the turning point of the war in the Pacific, but that turning point was inevitable as long as the US could credibly say "we're going to commission 6 fleet carriers with a full suite of aircraft over a 12 month period". There's a great video here [0] that illustrates the differences in production over the course of the war. For instance, the US commissioned 17 fleet carriers and 9 light carriers from 1941 on - Japan commissioned 7 and 1, respectively.
You are right of the unarguability of US manufacturing against Imperial Japan's, but that inevitability still doesn't eliminate the time recapturing territory that had Japanese presence. Their no surrender policy made island recaptures slow, brutal and ugly. Even with carrier provided air superiority.
Had they got to Hawaii, I imagine the experience would have been similar to all Japanese occupied territories -- famine, brutality, extensive forced labour and systemic murder. So long as the troops are fed, and enough comfort women can be found, nothing much else mattered...
The Japanese probably never had the logistical capacity to actually capture Hawaii. Hawaii is a supply chain 4000 miles away, and is not exactly rich in natural or industrial resources that can sustain itself. Getting a major fleet to Hawaii would eat up most of the IJN's support ships, and if someone at Pearl Harbor had the presence of mind to destroy the fuel tanks there before retreating, the IJN would have its fleet stuck there without any means of resupply, which would be easy pickings for the USN to recapture.
As it was, with help in the Solomons, Midway turned the war in the Pacific. Least that's how I understand it, though I've certainly read more of the war in Europe. :)