\begin{bmatrix}1&2&3&4&5&6&7&8\\2&3&4&5&1&7&8&6\end{bmatrix}
I have already written this permutation as disjoint cycles: (12345)(678)
My attempt at a product of two cycles: (12)(23)(34)(45)(67)(78), but I don't really think this is right, and if it is right, I'm not sure why. It's just an honest guess.
Indeed, your product of disjoint cycles correctly represent the given permutation. And also your transpositions from the disjoint cycles are spot on.
See also this answer for a more thorough discussion of ways to write the product of transpositions for disjoint permutations.