For concreteness, let us work with the language of spectra introduced in EKMM.
In Strickland's paper "Products on $MU$-modules", he proves the following. If $R$ is a q-cofibrant commutative $S$-algebra which is even, in the sense that its homotopy is concentrated in even degrees, and $x\in R_d$ is a non-zero divisor, then the diagram
$R/x \vee R/x \to R/x\wedge R/x \to \Sigma^{2d+2}R$
induces a left exact sequence when applying $[-,R/x]$. This is lemma 3.6 in his paper.
Since $\Sigma^{d+1} R$ is the cofiber of the canonical map $\rho:R\to R/x$, this led me to consider the following more general question:
Let $A$ be an $R$-algebra. Denote by $\bar{A}$ the cofiber of the unit map $R\to A$. Is there a cofiber sequence $A\vee A \to A \wedge A \to \bar{A}\wedge \bar{A}$ ?
I tried playing around with diagrams but I got nowhere. It also seems the question would make sense in more generality, like in a stable monoidal model category with suitable additional hypotheses.