I know that the characteristic polynomial of the direct sum of matrices is the product of their respective characteristic polynomials.
Is it also true for the minimal polynomial?
Is there a possible way to get $\mu_{A\oplus B}$ from knowing $\mu_A$ and $\mu_B$?
If you apply a polynomial to $A \oplus B$ you get $f(A \oplus B) = f(A) \oplus f(B)$.
If $f(A \oplus B) = 0$ then $f(A) = f(B) = 0$ so $\mu_A \mid f$ and $\mu_B \mid f$. Conversely, if $\mu_A \mid f$ and $\mu_B \mid f$ then $f(A \oplus B) = 0$. This tells us that
$$ \mu_{A \oplus B} = \operatorname{lcm}(\mu_A, \mu_B). $$