Is the following claim true?:
Let $G$ be an algebraic group such that $G^\circ$ is reductive. Suppose $G$ acts irreducibly on $V$. Is it true that $V$ is decomposed (written as direct sum) into $G^\circ$ components of equal dimension?
Is the following claim true?:
Let $G$ be an algebraic group such that $G^\circ$ is reductive. Suppose $G$ acts irreducibly on $V$. Is it true that $V$ is decomposed (written as direct sum) into $G^\circ$ components of equal dimension?
Yes, and even in much more generality. This is a direct application of Clifford's Theorem, which I believe works for any group $G$ acting irreducibly on a finite-dimensional vector space $V$, with a reductive normal subgroup $N$ of finite index (in this case, $N = G^{0}$). Indeed, the proof given by others in the comments is one of the usual module-theoretic proofs of Clifford's Theorem, e.g. the one on wikipedia.
(As to why it's not necessarily isotypic as an $N$-module, asked as a follow-up in the comments. The $N$-irreps appearing can be twisted-equivalent to one another, twisted by an automorphism of $N$ coming from the conjugation action of $G$ on $N$.)