Quantum states are important resources and their preparations are essential prerequisites to all quantum technologies. However, they are extremely fragile due to the inevitable dissipations. Here, an all-optical generation of a deterministic squeezed Schrödinger-cat state based on dissipation is proposed. Our system is based on the Fredkin-type interaction between three optical modes, one of which is subject to coherent two-photon driving and the rest are coherent driving. We show that an effective degenerate three-wave mixing process can be engineered in our system, which can cause the simultaneous loss of two photons, resulting in the generation of a deterministic squeezed Schrödinger-cat state. More importantly, by controlling the driving fields in our system, the twophoton loss can be adjustable, which can accelerate the generation of squeezed Schrödinger-cat states. Besides, we exploit the squeezed Schrödinger-cat states to estimate the phase in the optical interferometer, and show that the quantum Fisher information about the phase can reach the Heisenberg limit in the limit of a large photon number. Meanwhile, it can have an order of magnitude factor improvement over the Heisenberg limit in the low-photon-number regime, which is very valuable for fragile systems that cannot withstand large photon fluxes. This work proposes an all-optical scheme to deterministically prepare the squeezed Schrödinger-cat state with high speed and can also be generalized to other physical platforms.