As @whuber mentioned, you have $U=Y'AY$ where $A=\Sigma^{-1}-\begin{pmatrix}1/\sigma_1^2 & 0 \\ 0& 0\end{pmatrix}$.
Note that $A$ is symmetric, so you can use the result in the question here to get the variance:
$$\operatorname{Var}(U)=2\operatorname{tr}((A\Sigma)^2)$$
Also observe that $$A\Sigma=I_2-\begin{pmatrix}1/\sigma_1^2 & 0 \\ 0& 0\end{pmatrix}\Sigma=\begin{pmatrix}0 & -\rho\frac{\sigma_2}{\sigma_1} \\ 0& 1\end{pmatrix}$$
Calculation of the variance would be somewhat simpler if you notice that $A\Sigma$ is an idempotent matrix, which means you can also use this theorem for the exact distribution of $U$:
Suppose $Y\sim N(\mathbf 0,\Sigma)$ where $\Sigma$ is positive definite and let $A$ be a symmetric matrix. Then $Y'AY\sim \chi^2_r$ if and only if $A\Sigma$ is idempotent (or equivalently $A\Sigma A=A$) and $\operatorname{rank}(A\Sigma)=r$.
This is part of a general result proven here. You can find more on distributions of quadratic forms of multivariate normal distribution in standard textbooks (Rao's Linear Statistical Inference and Its Applications and Seber/Lee's Linear Regression Analysis for example).
Indeed $U\sim \chi^2_1$ but that is not to say that difference of arbitrary chi-square variables has a chi-square distribution.