Hi Makarand,
The execute method is there, and it works, but it's not documented... so you can use it, if you know that is unsupported and accept the risk.
Do you need it in MDA? I have the feeling that the risk there is not that big, since the form scripting webAPI supports the execute method, so it's basically there.
If you try to call it supported, it depends....
One supported way would be to trigger an event from your PCF and let the form-scripting call the execute method.
In CustomPages you can trigger an event from your PCF and there call the CustomAPI using PowerFx.
In both cases it depends what you need to do with the result. It could be an input/bound parameter which you set in form-scripting/PowerFx.
Of course, there is also the old way of making a change on a record, which triggers the CustomAPI and writes the result back to your record is there too.. (not nice, but works).
You could also write your own HTTPRequest too. There are some issues you need to take care of in that case (which is the url for webAPI requests inside the maker portal, take care of offline mode , ...).