Can I add the balance from my Apple ID On my phone and purchase a gift card

Your post does not make much sense.

Your Apple ID balance is already gift card balance. Apple ID balance comes from either gift cards or your actual Credit card if you add funds directly. It does not make sense to buy a gift card credit with that balance since its essential;ly what a gift card turns into once its redeemed.

And no, you cannot buy a gift card with that balance to give to someone else if that is what you mean.