Also, If we are able to link API response to screens/pages it would be good to map selected key values to a parameter on screen. [ It should be something like what we have in Custom actions. Something like getting the response and select which data we want and link to them to screen. In this way, we can effectively use API data to display on screens. ]
What you describe here is exactly how custom actions work as mentioned above by @karimoo. Custom Action Outputs are Live!
You are able to setup actions for the responses from API’s in a collection and make use of them where required.