On one hand, as 6-dimensional real Lie algebras, we have the following isomorphisms
$$\begin{align}so(4;\mathbb{R})~&\cong~su(2)\oplus su(2),\qquad\qquad\text{(compact form)}\\
so(2,2;\mathbb{R})~&\cong~sl(2,\mathbb{R})\oplus sl(2,\mathbb{R}),\qquad\qquad\text{(split form)}\\
so(3,1;\mathbb{R})~&\cong~sl(2,\mathbb{C}).\qquad\qquad\text{(simple Lie algebra)}\end{align}$$
In particular, OP's suggested decomposition (1) is not possible$^1$ as real Lie algebras.
On the other hand, as 6-dimensional complex Lie algebras, we have the following isomorphism
$$so(p,q;\mathbb{C})~\cong~sl(2,\mathbb{C})\oplus sl(2,\mathbb{C}), \qquad p+q~=~4.$$
See also this and this related Phys.SE posts.
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$^1$ In fact, the Lie algebra
$$ sl(2,\mathbb{C})~:=~\left\{\sigma\in{\rm Mat}_{2\times 2 }(\mathbb{C})\mid {\rm tr}(\sigma)=0\right\}~=~\left\{\left.\begin{pmatrix} a&b\cr c&-a\end{pmatrix}\in{\rm Mat}_{2\times 2 }(\mathbb{C})\right| a,b,c\in\mathbb{C}\right\} $$
is a simple Lie algebra, because every non-zero Lie algebra element
$$\sigma_0~\in~ sl(2,\mathbb{C})\backslash\{0\}$$
is a cyclic vector.
Sketched proof: By simularity transformations, we may assume that $\sigma_0$ is on Jordan normal form. There are two cases.
Case $\sigma_0= \begin{pmatrix} \lambda &0\cr 0&-\lambda\end{pmatrix}$ is diagonal where $\lambda\in\mathbb{C}\backslash\{0\}$. Then
$$[\sigma_0,\sigma]~=~\left[\begin{pmatrix} \lambda &0\cr 0&-\lambda\end{pmatrix}, \begin{pmatrix} a&b\cr c&-a\end{pmatrix} \right] ~=~\begin{pmatrix} 0&2\lambda b\cr -2\lambda c&0\end{pmatrix}.$$
In other words, we can generate all off-diagonal matrices. In particular, we can generate the seed matrix for the other case 2.
Case $\sigma_0= \begin{pmatrix} 0 &1\cr 0&0\end{pmatrix}$ is nilpotent. Then
$$[\sigma_0,\sigma]~=~\left[\begin{pmatrix}0 &1\cr 0&0\end{pmatrix},\begin{pmatrix} 0&0\cr \lambda&0\end{pmatrix} \right] ~=~\begin{pmatrix} \lambda &0\cr 0&-\lambda\end{pmatrix}.$$
In other words, we can generate all traceless diagonal matrices. In particular, we can generate the seed matrix for the other case 1.
Altogether we can generate all traceless matrices. $\Box$