I have integrated JIRA as third party bug tracker in locally deployed TCMS.
as per steps mentioned in the doc
After this step, when i proceed to searching bug (Home > Search > Search bugs). TCMS does not list any products/components/version from JIRA !. I did disable the default bug tracker (with below env variable)
>>> os.environ.get("KIWI_DISABLE_BUGTRACKER") 'yes'
Am i missing something here? help me if there are additional configurations.

If you read the documentation more closely at the top of the above page you will find:
which tells you that the functionality you are looking for is not currently supported. If you wish this functionality to be considered for a future release you can open a feature request at https://github.com/kiwitcms/Kiwi/issues/new/choose
"Search bugs" is to query the internal bug tracker which you have disabled and this is not related to Jira.