Hi - Thanks for the question
APIM Premium (stv2) is what we refer to as a "vnet injected" service - so when you associate a VNet to APIM Premium then you're in effect deploying the compute for the service "Into" the VNet
Although Private endpoints are available on APIM there is a limitation with APIM STV2 whereby the private endpoint cannot be added once APIM is associated with a VNET
However, once associated with a VNET you can switch APIM to use a private load balancer rather than public. In otherwords the data plane is only accessible on the private path which gives you the private inbound and outbound access into your VNET and connected/peered networks
The new "V2" tiers of APIM which are in public preview will work slightly differently to this. for more info see https://learn.microsoft.com/en-us/azure/api-management/v2-service-tiers-overview