Habitually staying up all night is no different from self-destruction.
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Highly literary. In modern speech use 自杀 for 'commit suicide.' 自戕 is found in essays, news editorials, and historical writing - it carries a tone of self-inflicted ruin, sometimes used metaphorically (e.g. 经济自戕 'economic self-harm').
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戕 means 'to slay' - note the 戈 (dagger-axe) on the right. 自戕 is literally 'to slay oneself,' a gravely formal way to phrase what 自杀 says plainly.