Does not refer to actual schizophrenia, first of all.
"Schizo" is someone with an irrational macro-level
fear, such as believing that tech companies are tracking your information to make you eat bugs. This is the
fear or worry at the level of disembodied groups or abstractions - schizos are worried about a "they", or at a concept, but without an idea in mind of how their
fear would be carried out realistically.
This is in contrast to "paranoid", which tends to
mean irrational micro-level
fear, such as believing your neighbor is plotting against you. Paranoia fear or worry at the level of specific identified
people or things.
(Neither of these are clinical definitions; this is slang, and by
definition colloquial.)
It can also be used as a prefix. "schizoconservatism" describes the kind of conservatism characteristic of InfoWars and QAnon. "schizonutrition" describes a bizarre and evidence-agnostic nutrition characteristic of solbrah. If you see schizo- used as a prefix in this way, just think “the conspiracy theory version of that.”