If $R$ and $S$ are commutative rings, then does the category $R \oplus S$-modules encompase the category of $(S,R)$-bimodules?
I was thinking we can accomplish this by defining the action to be: $(r,s)\cdot x:=r\cdot (x\cdot s)$ and then doing something accoring for the morphisms.
Am I overlooking something or is this indeed true?
The direct product of rings is not really the right way to go. You cannot get suitable additive properties (as Eric Wofsey describes.) An $R,S$ bimodule structure is equivalent to an $R\otimes S^{op}$ module structure. You can prove this beginning with what you have already written. You just need to apply the properties of the tensor product.
If $R$ and $S$ are central simple $K$ algebras, then $R\otimes_K S^{op}$ is central simple too, but $R\times S$ is not, so there will be differences in the module categories.