@SS Thanks for your patience on this. I have checked with the engineering team and sharing the below.
Currently creating policy to measure cache token as custom metric in application insights is not supported. Team has confirmed that this feature is in their product roadmap, and we don't have any exact ETA can be shared.
I would suggest you follow the What's new in apim here or Azure updates.
Hope this helps let me know if you have any further questions on this.