@Abhay Chandramouli Thanks for reaching out.
Please confirm my understanding that you want to retrieve the Runtime URL using backend name in your APIM policy.
If it is the above case then unfortunately we don't have any way/policy to retrieve the value something like {{backend.backend-name.url}} as it is not supported currently. Feel free to raise a feature request hereif this is something you want to see in APIM.
Let me know if you have any queries or concerns.