Hi @knsrinath,
I did a simple demo for you.
1\ Create a component and create a custom property.

2\ This is my list 'LIST145'.

3\ Set the custom property of component to:
Table({Title:"A"})

4\ Add a combo box control and set its Items property to:
Component1.Test

5\ Add this component to screen and set the Test property of the component to:
LIST145

6\ The result is as follows:

If you want to use the patch function in the component to operate on the data source, unfortunately this is a limitation so far.
But there is a work around that can achieve a similar effect.
You could create a Timer control in the screen.
I did another demo for you.
1\ Create a component and create a custom property.

2\ Add a button control and set its onseelct property to:
Set(Var,true)

3\ Set the 'Test2' property to:
Var

4\ Set the OnReset property to :
Set(Var,false)

5\ Add a Timer control into screen and set its OnTimerEnd property to:
If(Component1_1.Test2=true,Patch(LIST145,Defaults(LIST145),{Title:"Test22"}));Reset(Component1_1)

Set other properties:

// The value of the duration property cannot be too small.