According to the Wikipedia article on the exterior algebra, there is a natural isomorphism $$\bigwedge(V\oplus W) \simeq \bigwedge V \otimes \bigwedge W,$$ where $V,W$ is a finite-dimensional $\Bbbk$-vector space.
My question is, in what sense they are isomorphic? Isomorphic as a vector space? (this is trivial.) Or isomorphic as a $\Bbbk$-algebra?
I hope that they are isomorphic as a $\Bbbk$-algebra, but I think this is not true due to the anticommutative nature. In particular, for $v_1,v_2\in V$ and $w_1,w_2\in W$, $$(v_1\otimes w_1)(v_2\otimes w_2) = (v_1\wedge v_2) \otimes (w_1\wedge w_2)$$ in RHS but it is not true in LHS that $$v_1\wedge w_1 \wedge v_2 \wedge w_2 = v_1\wedge v_2\wedge w_1\wedge w_2.$$ (However, for symmetric algebra, analogous relation is true and the isomorphism is in the $\Bbbk$-algebra sense.) Is my reasoning correct?
Your intuition is correct. The right-hand side must be endowed with the "skew-symmetric tensor product" (often denoted $\widehat{\otimes}$ in the literature) in order for this to be an isomorphism of graded algebras, as follows:
Additively, $\bigwedge V\ \widehat\otimes \bigwedge W$ has the normal structure of the tensor product, but multiplicatively one must define $$(v_1 \otimes w_1)\wedge (v_2 \otimes w_2) = (-1)^{\operatorname{deg}(w_1)\operatorname{deg}(v_2)}(v_1 \wedge v_2)\otimes (w_1 \wedge w_2)$$
on homogeneous elements. This is the usual sign convention on graded objects: whenever you swap two objects around, the product of their degrees shows up as a sign.