Why would a bike feature a "carbon wrapped aluminum frame"?
That is purely marketing. It's a common ploy with components, but I've never seen it on an entire frame until now. Aluminum and carbon can be used in conjunction effectively, but not in this case. The carbon wrap on that bike is basically veneer. While Schwinn was once upon a time a well respected brand, they suffered a major fall from grace after going bankrupt. Their bikes, even their bike shop level bikes (i think they call them their "select" series bikes) target the budget market. They're not horrible, but they're not great either. The bike you posted a link to is no exception. One could argue that the combination of dissimilar materials would aid to vibration dampening, but that's really just more marketing jargon, at least in this case. That bike will still ride just like a full aluminum framed bike would. If you are considering that bike save yourself a few bucks and just go with a full aluminum frame.