take a look at this sample playbook:
---
- hosts: localhost
vars:
iter:
- key: abc
val: xyz
- key: efg
val: uvw
tasks:
- set_fact: {"{{ item.key }}":"{{ item.val }}"}
with_items: "{{iter}}"
- debug: msg="key={{item.key}}, hostvar={{hostvars['localhost'][item.key]}}"
with_items: "{{iter}}"