I guess that by $E\oplus_\infty F$ you mean the direct sum with the maximum as norm. I also guess that you consider the natural mapping. Let us look at the dual mapping:
\begin{align}
&((A\oplus_\infty B)\widehat\otimes(A\oplus_\infty B))'
= L(A\oplus_\infty B, (A\oplus_\infty B)')
= L(A\oplus_\infty B, A'\oplus_1 B')\to
\\&
\to ((A\widehat\otimes A)\oplus_\infty (B\widehat\otimes B))'
= (A\widehat\otimes A)'\oplus_1 (B\widehat\otimes B)'
=L(A,A')\oplus_1 L(B,B')
\end{align}
In block matrix representation the mapping is now projecting out the main diagonal. The operator norms are easily handled. This projection is now obviously a contraction. This proof works for general Banach spaces.