The database has Izzet Midrange registered as a Legacy archetype, but the data is extremely thin -- only 19 total tournament entries with a 41.6% winrate, no weekly trend data, and zero matches logged in the last 60 days. The key cards listed (Steam Vents, Spirebluff Canal, Stormchaser's Talent, Burst Lightning, Sleight of Hand) suggest this is a blue-red tempo/midrange shell built around cheap interaction and card selection, but it is not an established, actively tracked archetype in Legacy right now.
It's possible the name "Izzet Midrange" is being used informally across multiple formats (it appears in Modern and Pioneer as well under different deck IDs), or it may be a fringe/rogue deck that hasn't accumulated meaningful tournament data. I don't have enough recent match data to give you a reliable winrate, meta share, or matchup breakdown for this archetype.
If you have a specific format in mind (Modern, Pioneer, Legacy, etc.) or a decklist you're referencing, let me know and I can dig into the closest matching archetype with real data to back it up.
Sources: Izzet Midrange is registered in the Legacy database but has near-zero recent activity. No tournaments with sufficient data could be cited for this archetype in the last 60 days.