Čím později jdu spát, tím méně času mám ráno.

This is a very common Czech pattern meaning the more/less ..., the more/less ....

So:

• Čím později ... = the later ...
• tím méně ... = the less ...

Together, the sentence means something like:

• The later I go to bed, the less time I have in the morning.

This structure is used with comparatives:

• Čím víc pracuji, tím víc vydělám. = The more I work, the more I earn.
• Čím dřív přijdeš, tím líp. = The earlier you come, the better.

Because později is the comparative form of pozdě.

• pozdě = late
• později = later

After čím, Czech normally uses a comparative in this kind of structure:

• Čím později ... = The later ...

Compare:

• Jdu spát pozdě. = I go to bed late.
• Čím později jdu spát... = The later I go to bed...

Méně means less and is the comparative form related to málo or málo mnoho? In practice, you simply learn méně as the word for less.

Here it modifies času:

• méně času = less time

So:

• tím méně času mám ráno = the less time I have in the morning

A similar pattern:

• Čím víc jím, tím méně mám hlad. = The more I eat, the less hungry I am.

Because jít spát means to go to bed, while spát means to sleep.

These are not exactly the same:

• Jdu spát. = I’m going to bed.
• Spím. = I’m sleeping.

In your sentence, the idea is about when you go to bed, not the act of sleeping itself. So jdu spát is the natural choice.

Jdu is the 1st person singular present tense of jít = to go.

So:

• jdu = I go / I’m going

In jdu spát, it works like I go to sleep / I go to bed.

Other forms:

• jdeš = you go
• jde = he/she/it goes
• jdeme = we go
• jdete = you go
• jdou = they go

Because after expressions of quantity like méně (less), Czech often uses the genitive case.

So:

• čas = nominative form
• času = genitive singular

This is very common:

• mám dost času = I have enough time
• mám málo času = I have little time
• mám méně času = I have less time

So méně času is the normal Czech way to say less time.

Because ráno can function as an adverb meaning in the morning / in the mornings / morning-time, depending on context.

So:

• mám ráno čas = I have time in the morning
• vstávám ráno brzy = I get up early in the morning

You can also see expressions with prepositions in other situations, but here plain ráno is completely natural.

Czech often leaves out subject pronouns when they are already clear from the verb form.

Here:

• jdu already means I go
• mám already means I have

So Czech does not need já.

If you said:

• Čím později já jdu spát, tím méně času mám ráno,

it would sound marked or emphatic, as if stressing I specifically.

The basic pattern čím ..., tím ... is fixed, but Czech word order inside each clause is somewhat flexible.

The sentence as given is very natural:

• Čím později jdu spát, tím méně času mám ráno.

You might also hear small variations depending on emphasis, but learners should stick to this pattern first.

The important thing is:

1. first clause begins with čím
2. second clause begins with tím
3. both clauses usually contain comparatives

Historically, they are related to those meanings, but in this structure you should not translate them literally word-for-word.

In modern usage, it is best to learn the whole pattern:

• čím ... tím ... = the ..., the ...

Trying to interpret each word separately often makes it more confusing than helpful.

Usually it expresses a general truth or repeated situation:

• The later I go to bed, the less time I have in the morning.

So it is not necessarily about just one morning. It sounds like a general habit or repeated consequence.

If context made it clear, it could apply to a specific situation too, but the most natural reading is general.

You mainly change the verb forms.

For you:

• Čím později jdeš spát, tím méně času máš ráno. = The later you go to bed, the less time you have in the morning.

For he/she:

• Čím později jde spát, tím méně času má ráno. = The later he/she goes to bed, the less time he/she has in the morning.

The rest of the structure stays the same.

Yes, very often. It is one of the most useful Czech comparison patterns.

Examples:

• Čím dřív vstávám, tím jsem unavenější. = The earlier I get up, the more tired I am.
• Čím víc se učíš, tím lépe mluvíš česky. = The more you study, the better you speak Czech.
• Čím déle čekám, tím jsem nervóznější. = The longer I wait, the more nervous I am.

So your sentence is a model you can reuse in many situations.