@$@chin Thanks for reaching out.
For Scenario 1, If the APIM instance is in an external VNet and the backend (external service) is public, then the outbound IP address for traffic from APIM to the backend will be the public IP address (VIP) of the APIM instance.
When API Management is deployed in an external virtual network and API Management connects to private (intranet-facing) backends, internal IP addresses (dynamic IP, or DIP addresses) from the subnet are used for the runtime API traffic. When a request is sent from API Management to a private backend, a private IP address will be visible as the origin of the request. So, if you have any firewall you would need to whitelist the entire subnet range.
For Scenario 2, if the backend of APIM is an Azure Function or Web App, and traffic flows from APIM to external services through those apps, then the outbound IP address will be the public IP address of the Azure Function or Web App. The APIM VIP is not used for outgoing traffic, and the outbound IP address will be determined by the backend service that is handling the traffic.
please refer: https://learn.microsoft.com/en-us/azure/api-management/api-management-howto-ip-addresses#ip-addresses-for-outbound-traffic
do let me know incase of further queries, I would be happy to assist you.