it's a ad-hoc compound word not a official German word (not in Duden)

it pretty much appears only in the given phrase and hardly anyone uses it

but most importantly is that this phrase is about crossing the street on pedestrian crossing with traffic lights while they signal that you should wait a moment

which indeed is frowned on in Germany, depending on region quite a lot

but jaywalking also refers to you "just crossing the street" at a place where there is no pedestrian crossing. Which outside of Highways, limited-access roads and similar is quite normal.

and sure if there is a pedestrian crossing just a few meter down the road it is frowned on if you don't use it