Moments of inertia do not add up or subtract like areas.
Take the example of a hollow cylinder, with inner diameter $d_I$ and outer diameter $d_O$.
The MMOI of a solid rod with diameter $d$ is $$I_{\rm solid} = \tfrac{m}{2} \left( \tfrac{d}{2} \right)^2 = m \tfrac{d^2}{8} \tag{1}$$
So you might be tempted to write the MMOI of a hollow cylinder as
$$ I_{\rm hollow} = m \tfrac{d_O^2}{8} - m \tfrac{d_I^2}{8} $$
But this is wrong
The correct answer is
$$ I_{\rm hollow} = m \left( \tfrac{d_O^2}{8} + \tfrac{d_I^2}{8} \right) \tag{2}$$
But how?
This is because you subtract the volumes of the two solids and because they have the same density the final mass $m$ that appears in the formula is not the same as the $m$ in the formula for the solid rod.
The mass of a hollow rod is
$$ m = \int_{d_I/2}^{d_O/2} \rho \ell (2 \pi r)\,{\rm d}r = \rho \pi \ell \tfrac{d_O^2-d_I^2}{4} \tag{3}$$
which is used to find the density
$$ \rho = \frac{4 m}{\pi \ell ( d_O^2-d_I^2) } \tag{4} $$
Now the MMOI can be calculated from the geometry and the density
$$ I_{\rm hollow} = \int_{d_I/2}^{d_O/2} \rho \ell r^2 (2 \pi r)\,{\rm d}r = \rho 2 \pi \ell \left( \tfrac{d_O^2}{64} - \tfrac{d_I^2}{64} \right) \tag{5}$$
Now combine (4) and (5) and simplify to get (2)
This calculation hinges on the following algebra
$$ \tfrac{d_o^4-d_I^4}{d_O^2-d_I^2} = \tfrac{ (d_O^2-d_I^2)(d_O^2+d_I^2)}{d_O^2-d_I^2} = (d_O^2+d_I^2) $$
So no, you cannot intuitively add/subtract MMOI of solids like you can with areas and volumes.
If you take care to use the appropriate mass, then you can do this
$$ I_{\rm hollow} = m_O \tfrac{d_O^2}{8} - m_I \tfrac{d_I^2}{8} \tag{6} $$
this is identical to (2) given that $m = m_O - m_I$.
Also note that if the MMOI you are adding or subtracting is at an offset parallel axis, then you must account for the perpendicular offset $h$. For example:
$$ I_{\rm sum} = I_1 + \left( I_2 + m_2 h_2^2 \right) $$