At least one worship song is based on that verse, and uses the phrase "for Thy pleasure" in the same way.
I checked the Blueletter Bible. I'm not a Greek scholar, but do report that, of the 12 different English translations given for that verse, only 3, one being the KJV, use this phrase. The rest of them say that things were created by or at Christ's will.
I also checked the Greek lexicon provided by the Blueletter Bible, and found that the KJV almost always translates the word, θέλημα (thelēma), translated as "pleasure," in Revelation 4:11, as "will." In fact, out of over sixty occurrences of the word in the New Testament, Revelation 4:11 and Ephesians 2:3, which refers to a human attitude, not God's, are the only verses where it is not translated as "will."
Perhaps it is correct to say that the universe, and the things in it, were created for Christ's pleasure, but the case is not strong. I don't think we know why we were created. We're probably not capable of understanding the reason or reasons.
Thanks for reading.