Backtracking and paraphrasing are two ways to advance and deepen a conversation but there is an important distinction.
In backtracking, you literally repeat the other person's words, to indicate that you are really listening carefully and understand what has been said. This will help the other person feel heard and understood, and avoid any misunderstandings.
In paraphrasing, you rephrase what the other person says in your own words. This helps to clarify what was said, and to go deeper into the meaning of the words. For example, you can ask questions like "Do you mean that...?" or "Can you explain to me what you mean by...?".
By using these techniques, you can ensure that your interlocutors feel heard and understood, and that ideas and points of view can be explored in more depth.