Consider that a state ket $\,\boldsymbol{|}\psi_1\boldsymbol{\rangle}\,$ in the 2-dimensional Hilbert space $\,\mathcal{H}_1\,$ is represented by its components with respect to a basis of this space by
\begin{equation}
\boldsymbol{|}\psi_1\boldsymbol{\rangle}\boldsymbol{=}
\begin{bmatrix}
\xi_1 \vphantom{\dfrac{a}{b}} \\
\xi_2 \vphantom{\dfrac{a}{b}}
\end{bmatrix}
\in \mathcal{H}_1
\tag{01a}\label{01a}
\end{equation}
and the Hamiltonian by the hermitian matrix
\begin{equation}
\mathsf{H}_{1}\boldsymbol{=}
\begin{bmatrix}
a_1 & b_1\vphantom{\dfrac{a}{b}} \\
c_1 & d_1\vphantom{\dfrac{a}{b}}
\end{bmatrix}
\tag{01b}\label{01b}
\end{equation}
Similarly in the two dimensional Hilbert space $\,\mathcal{H}_2\,$
\begin{equation}
\boldsymbol{|}\psi_2\boldsymbol{\rangle}\boldsymbol{=}
\begin{bmatrix}
\eta_1 \vphantom{\dfrac{a}{b}} \\
\eta_2 \vphantom{\dfrac{a}{b}}
\end{bmatrix}
\in \mathcal{H}_2
\tag{02a}\label{02a}
\end{equation}
and
\begin{equation}
\mathsf{H}_{2}\boldsymbol{=}
\begin{bmatrix}
a_2 & b_2\vphantom{\dfrac{a}{b}} \\
c_2 & d_2\vphantom{\dfrac{a}{b}}
\end{bmatrix}
\tag{02b}\label{02b}
\end{equation}
One way to represent the product state $\,\boldsymbol{|}\psi_1\psi_2\boldsymbol{\rangle}\boldsymbol{\equiv}\boldsymbol{|}\psi_1\boldsymbol{\rangle}\boldsymbol{\otimes}\boldsymbol{|}\psi_2\boldsymbol{\rangle}\,$ in the 4-dimensional product Hilbert space $\,\mathcal{H}\boldsymbol{\equiv}\mathcal{H}_1\boldsymbol{\otimes}\mathcal{H}_2\,$ is
\begin{equation}
\boldsymbol{|}\psi_1\psi_2\boldsymbol{\rangle}\boldsymbol{\equiv}\boldsymbol{|}\psi_1\boldsymbol{\rangle}\boldsymbol{\otimes}\boldsymbol{|}\psi_2\boldsymbol{\rangle}\boldsymbol{=}
\begin{bmatrix}
\xi_1 \vphantom{\dfrac{a}{b}} \\
\xi_2 \vphantom{\dfrac{a}{b}}
\end{bmatrix}
\boldsymbol{\otimes}
\begin{bmatrix}
\eta_1 \vphantom{\dfrac{a}{b}} \\
\eta_2 \vphantom{\dfrac{a}{b}}
\end{bmatrix}
\boldsymbol{=}
\begin{bmatrix}
\xi_1 \begin{bmatrix}
\eta_1 \vphantom{\dfrac{a}{b}} \\
\eta_2 \vphantom{\dfrac{a}{b}}
\end{bmatrix}\\
\xi_2 \begin{bmatrix}
\eta_1 \vphantom{\dfrac{a}{b}} \\
\eta_2 \vphantom{\dfrac{a}{b}}
\end{bmatrix}
\end{bmatrix}
\boldsymbol{=}
\begin{bmatrix}
\xi_1\eta_1 \vphantom{\dfrac{a}{b}} \\
\xi_1\eta_2 \vphantom{\dfrac{a}{b}} \\
\xi_2\eta_1 \vphantom{\dfrac{a}{b}} \\
\xi_2\eta_2 \vphantom{\dfrac{a}{b}}
\end{bmatrix}
\in \mathcal{H}
\tag{03}\label{03}
\end{equation}
Motivated by the following ZeroTheHero's comment

the Hamiltonian in the product space is
\begin{equation}
\mathsf{H}\equiv \mathsf{H}_{1}\boldsymbol{\otimes}\,\mathsf{I}_{2}\boldsymbol{+}\mathsf{I}_{1}\,\boldsymbol{\otimes}\mathsf{H}_{2}
\tag{04}\label{04}
\end{equation}
Under the convention \eqref{03}
\begin{align}
\mathsf{H}_{1}\boldsymbol{\otimes}\,\mathsf{I}_{2}
&\boldsymbol{=}
\begin{bmatrix}
a_1 & b_1\vphantom{\dfrac{a}{b}} \\
c_1 & d_1\vphantom{\dfrac{a}{b}}
\end{bmatrix}
\boldsymbol{\otimes}
\begin{bmatrix}
1\hphantom{_1} & 0\hphantom{_1}\vphantom{\dfrac{a}{b}} \\
0\hphantom{_1} & 1\hphantom{_1}\vphantom{\dfrac{a}{b}}
\end{bmatrix}
\nonumber\\
&\boldsymbol{=}
\begin{bmatrix}
a_1\begin{bmatrix}
1\hphantom{_1} & 0\hphantom{_1}\vphantom{\dfrac{a}{b}} \\
0\hphantom{_1} & 1\hphantom{_1}\vphantom{\dfrac{a}{b}}
\end{bmatrix} & b_1\begin{bmatrix}
1\hphantom{_1} & 0\hphantom{_1}\vphantom{\dfrac{a}{b}} \\
0\hphantom{_1} & 1\hphantom{_1}\vphantom{\dfrac{a}{b}}
\end{bmatrix} \\
c_1\begin{bmatrix}
1\hphantom{_1} & 0\hphantom{_1}\vphantom{\dfrac{a}{b}} \\
0\hphantom{_1} & 1\hphantom{_1}\vphantom{\dfrac{a}{b}}
\end{bmatrix} & d_1\begin{bmatrix}
1\hphantom{_1} & 0\hphantom{_1}\vphantom{\dfrac{a}{b}} \\
0\hphantom{_1} & 1\hphantom{_1}\vphantom{\dfrac{a}{b}}
\end{bmatrix}
\end{bmatrix}
\boldsymbol{=}
\begin{bmatrix}
a_1 & 0 & b_1 & 0 \vphantom{\dfrac{a}{b}}\\
0 & a_1 & 0 & b_1 \vphantom{\dfrac{a}{b}}\\
c_1 & 0 & d_1 & 0 \vphantom{\dfrac{a}{b}}\\
0 & c_1 & 0 & d_1 \vphantom{\dfrac{a}{b}}
\end{bmatrix}
\tag{05a}\label{05a}
\end{align}
and
\begin{align}
\mathsf{I}_{1}\,\boldsymbol{\otimes}\mathsf{H}_{2}
&\boldsymbol{=}
\begin{bmatrix}
1\hphantom{_1} & 0\hphantom{_1}\vphantom{\dfrac{a}{b}} \\
0\hphantom{_1} & 1\hphantom{_1}\vphantom{\dfrac{a}{b}}
\end{bmatrix}
\boldsymbol{\otimes}
\begin{bmatrix}
a_2 & b_2\vphantom{\dfrac{a}{b}} \\
c_2 & d_2\vphantom{\dfrac{a}{b}}
\end{bmatrix}
\nonumber\\
&\boldsymbol{=}
\begin{bmatrix}
1\begin{bmatrix}
a_2 & b_2\vphantom{\dfrac{a}{b}} \\
c_2 & d_2\vphantom{\dfrac{a}{b}}
\end{bmatrix} & 0 \begin{bmatrix}
a_2 & b_2\vphantom{\dfrac{a}{b}} \\
c_2 & d_2\vphantom{\dfrac{a}{b}}
\end{bmatrix} \\
0\begin{bmatrix}
a_2 & b_2\vphantom{\dfrac{a}{b}} \\
c_2 & d_2\vphantom{\dfrac{a}{b}}
\end{bmatrix} & 1 \begin{bmatrix}
a_2 & b_2\vphantom{\dfrac{a}{b}} \\
c_2 & d_2\vphantom{\dfrac{a}{b}}
\end{bmatrix}
\end{bmatrix}
\boldsymbol{=}
\begin{bmatrix}
a_2 & b_2 & 0 & 0 \vphantom{\dfrac{a}{b}}\\
c_2 & d_2 & 0 & 0 \vphantom{\dfrac{a}{b}}\\
0 & 0 & a_2 & b_2 \vphantom{\dfrac{a}{b}}\\
0 & 0 & c_2 & d_2 \vphantom{\dfrac{a}{b}}
\end{bmatrix}
\tag{05b}\label{05b}
\end{align}
Adding \eqref{05a},\eqref{05b}
\begin{equation}
\mathsf{H}\equiv \mathsf{H}_{1}\boldsymbol{\otimes}\,\mathsf{I}_{2}\boldsymbol{+}\mathsf{I}_{1}\,\boldsymbol{\otimes}\mathsf{H}_{2}
\boldsymbol{=}
\begin{bmatrix}
a_1\boldsymbol{+}a_2 & b_2 & b_1 & 0 \vphantom{\dfrac{a}{b}}\\
c_2 & a_1\boldsymbol{+}d_2 & 0 & b_1 \vphantom{\dfrac{a}{b}}\\
c_1 & 0 & d_1\boldsymbol{+}a_2 & b_2 \vphantom{\dfrac{a}{b}}\\
0 & c_1 & c_2 & d_1\boldsymbol{+}d_2 \vphantom{\dfrac{a}{b}}
\end{bmatrix}
\tag{06}\label{06}
\end{equation}
Note that if in both spaces we make use of the basis of eigenkets of the respective Hamiltonian for the matrix representations then, since $\,c_1\boldsymbol{=}0\boldsymbol{=}b_1\,$, the eigenvalues of $\,\mathsf{H}_{1}\,$ are $\,a_1,d_1\,$ and since $\,c_2\boldsymbol{=}0\boldsymbol{=}b_2\,$ the eigenvalues of $\,\mathsf{H}_{2}\,$ are $\,a_2,d_2\,$ while from \eqref{06}
\begin{equation}
\mathsf{H}\equiv \mathsf{H}_{1}\boldsymbol{\otimes}\,\mathsf{I}_{2}\boldsymbol{+}\mathsf{I}_{1}\,\boldsymbol{\otimes}\mathsf{H}_{2}
\boldsymbol{=}
\begin{bmatrix}
a_1\boldsymbol{+}a_2 & 0 & 0 & 0 \vphantom{\dfrac{a}{b}}\\
0 & a_1\boldsymbol{+}d_2 & 0 & 0 \vphantom{\dfrac{a}{b}}\\
0 & 0 & d_1\boldsymbol{+}a_2 & 0 \vphantom{\dfrac{a}{b}}\\
0 & 0 & 0 & d_1\boldsymbol{+}d_2 \vphantom{\dfrac{a}{b}}
\end{bmatrix}
\tag{07}\label{07}
\end{equation}
that is the eigenvalues of the Hamiltonian in the product space are sums produced by combinations of the eigenvalues of the Hamiltonians in the factor spaces.