This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
The exact historical development of 臫 is uncertain. It visually combines 自 and 乚, but the original component relationship is unclear.
The left side 自 suggests self or nose, and the right side 乚 is a hook shape. Without a clear meaning, picture a self-hooking nose as a placeholder image.
For キョウ, imagine a self-hooking nose making a 'kyo' sound when it hooks: kyo -> キョウ.