Using the Windows XP CMD command-line I can expand a variable twice as follows:
set AAA=BBB
set BBB=CCC
for /F \"usebackq tokens=*\" %i in (`echo %%AAA%%`) d
The OP question almost works on Windows 10. A small correction is required to properly form the ECHO command. Here is the intermediate result:
set LIST=BBB CCC DDD
set BBB=111
set CCC=222
set DDD=333
for %%i in (%LIST%) do echo %%%%i%%
rem // Outputs:
rem // %AAA%
rem // %BBB%
rem // %CCC%
Then we nest the output inside another FOR statement and get the completed result:
set LIST=BBB CCC DDD
set BBB=111
set CCC=222
set DDD=333
for %%i in (%LIST%) do for /f %%a in ('echo %%%%i%%') do echo %%a
rem // Outputs:
rem // 111
rem // 222
rem // 333