@Abhay Chandramouli Thanks for reaching out. there are two types of caching that APIM supports, response caching and value caching. Response cache caches responses returned by the backend from the forward-request policy. Value caching allows customer to store name-value pairs in the cache.
Cache Hit/response cache hit: this metric shows how many times your API requests have been able to find the expected response in the internal cache for your APIM instance.
Cache Miss/response cache Miss: this metric shows how many times your API requests did not find a response in the internal cache for your APIM instance.
value cache hit count: this metric shows the number of times that APIM found a cached value for a request in the value cache.
value cache miss count: this metric shows the number of times that APIM did not find a cached value for a request in the value cache.
do let me know incase of further queries, I would be happy to assist you.