This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
懩 combines 忄 (heart) with 養, which likely contributes the sound. The exact historical development is uncertain.
The heart radical 忄 beside 養 suggests a feeling related to nurturing or longing, but the exact meaning is uncertain.
For ヨウ, imagine a heart yearning for a yo-yo: yo -> ヨウ, and the heart 忄 feels the pull.