The mix duration value is the time it takes in seconds, for one animation to transition to the next.
The "Default Mix Duration" field on the SkeletonData Asset gets loaded as the default duration that animation transitions have when you play a new animation after another one.
You can also set custom mix duration values per pair of animations on the SkeletonData Asset. This takes priority over the default mix duration.
You can also set the mix duration within the code you use to set the animations. For example:
Spine.TrackEntry trackEntry = skeletonAnimation.AnimationState.SetAnimation(0, "run", true);
trackEntry.MixDuration = 0.5f; // Make this transition last 0.5 seconds, instead of the default mix duration value.
When the mix duration is 0, no visible transition/fade out happens. The new animation immediately starts playing without blending when you set it.