As you are on separate tickets (WN does not interline with other carriers, so not a choice if you choose to fly WN), you bear 100% of the risk of a now show on your AZ flight. In that case, AZ will cancel your ticket, both out and any onward and return segments as well. Whether you can preserve any value is purely up to AZ and unlikely at LAX. This means purchasing new tickets at walk-up fares.

Given the significant financial penalties you face, I would allow at least 3-4 hours, particularly because you must reclaim your bags from WN, drag them to AZ, check then, head through a checkpoint and off to your gate.