That's a fun expression. I remember a friend and colleague telling me that maybe 50 years ago and looking it up at the time. It really fits when Rubio and Bessent take on the low-IQ Dems.
Literally, the phrase means a bomb-maker was blown off the ground (hoist) by his own bomb (petard). It commonly refers to an ironic reversal in which one is taken down by one's own scheme.