To improve the rheological properties of polyacrylamide-based fracturing fluids, a common approach is to increase the amount of copolymer; however, this inevitably leads to greater damage to reservoirs. In this study, a self-degradable polyacrylamide (DS-PAM) with high rheological performance was synthesized, featuring disulfide bonds and a dual-network structure (physicochemical structure). The as-prepared fracturing fluid had excellent temperature-shear resistance (>50 mPa·s) and viscoelasticity (G′ > G″) at 100 °C and 40,000 mg/L salinity. More importantly, kerosene facilitates the “competitive capture” of hydrophobic groups, causing dissociation of the hydrophobic associative network. Concurrently, hydrolysis of disulfide bonds triggers cleavage of the covalent network, while high temperature provides sufficient activation energy for the degradation reaction, accelerating the scission of molecular chains. The degradation process follows the pseudo-first-order kinetic model. Under the synergic effects of physical network dissociation and chemical network cleavage, degradation products with molecular weight less than 200,000 are achieved within 48 h. The scaling rate (<0.5%) and core damage (19.8%) of the degradable fluid are substantially reduced, which is highly significant for reservoir protection.