This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
The exact historical development of 翲 is uncertain. It combines 票 and 羽, but the original semantic and phonetic roles are unclear.
The left side 票 suggests a ticket or label, and the right side 羽 means feathers. Imagine a ticket attached to a bird's feathers, but the overall meaning remains unclear.
For ヒョウ, picture a ticket (票) floating like a feather (羽) in the wind, making a light 'hyou' sound: hyou -> ヒョウ.