Hello @NGaur-3476,
Thanks for your post! I was reviewing this post with one of my colleagues and first wanted to clarify that scheduling on-demand backups via PowerShell is currently unsupported. However, if you decide to proceed with using a PS script rather than the Portal (which will of course affect all VM's associated with that policy), then you would need to get the existing policies and pull the one to update and then modify it accordingly. In the case of the script you have shared, it appears to be creating a new policy in which case if you get the policy and then update it, it will then use the new updated information regarding wanting to take the VM backup every 3rd week of the month beginning on 9/23/22. If you wanted to do this outside of the policies, then you would in fact have to make the script simply create the "on-demand" backup and then run the script as the backups are needed.
In the case of your script, the New-AzRecoveryServicesBackupProtectionPolicy will be used to create the new policy to be applied for your VM. Please let us know if you require any further assistance and we'll be happy to assist you further.
Thanks!
Carlos V.