We can start by saying that $\sqrt{1+x^2}$ tends to $|x|$ when $x\rightarrow-\infty$,
Not exactly. Both $\sqrt{1+x^2}$ and $|x|$ tend to $\infty$ as $x \to -\infty$. I think what you mean that each is asymptotic to the other, because their ratio tends to $1$ as $x\to-\infty$. But that doesn't mean you can replace one with the other, as we can see here.
As $x\to -\infty$, this limit takes the form $\infty - \infty$, which is an indeterminate form. One way to evaluate such a limit is to rewrite it in a form which is not indeterminate. For convenience, let's first write it as
$$
\lim_{x\to\infty} \left(1 + 2x^2 - 2 x\sqrt{1+x^2}\right)
$$
Here we are just substituting $-x$ for $x$; it doesn't change the sign of $x^2$ or $\sqrt{1+x^2}$, but it does change the sign of $x$. The typical algebraic trick for dealing with radicals such as this is to multiply and divide by the conjugate radical:
\begin{align*}
1 + 2x^2 - 2 x\sqrt{1+x^2}
&= \left(1 + 2x^2 - 2 x\sqrt{1+x^2}\right) \frac{1 + 2x^2 + 2 x\sqrt{1+x^2}}{1 + 2x^2 + 2 x\sqrt{1+x^2}} \\
&= \frac{\left((1 + 2x^2) - 2 x\sqrt{1+x^2}\right)\left((1 + 2x^2) + 2 x\sqrt{1+x^2}\right)}{1 + 2x^2 + 2 x\sqrt{1+x^2}} \\
&= \frac{(1+2x^2)^2 - \left(2x \sqrt{1+x^2}\right)^2}{1 + 2x^2 + 2 x\sqrt{1+x^2}} \\
&= \frac{(1+4x^2+4x^4) - 4x^2(1+x^2)}{1 + 2x^2 + 2 x\sqrt{1+x^2}} \\
&= \frac{1}{1 + 2x^2 + 2 x\sqrt{1+x^2}} \\
\end{align*}
Now as $x\to\infty$, the denominator tends to $\infty$ while the numerator is a constant $1$. Therefore the quotient, and the original expression, tends to zero.