Hi @RameshMukka,
As far as I am aware the environment variable of type list is using a guid. So, it should be able to handle a rename of the list. So, I would say a environment variable would be useful in this scenario.
Below is an example to demonstrate.
1. Environment variable of type data source/list

2. Setup in flow

3. Renaming the list

4. Flow still runs happily after that change, because it is using the List GUID under the hood
