This question is pretty much this question stated in slightly different way. All projective spaces are complex ones. Let's assume $X$ is a connected CW complex. We have a natural map in the following form: $$f: Sym^{\infty}(Hom^0(X, \mathbb{P}^{\infty}))\rightarrow Sym^{\infty}(Hom(X, \mathbb{P}^{\infty}))\rightarrow Hom(X, Sym^{\infty}(\mathbb{P}^{\infty}))$$
Superscript zero denotes the connected component corresponding to zero. Since $\mathbb{P}^{\infty}\cong K(\mathbb{Z}, 2)$ so $\pi_0(Hom(X, \mathbb{P}^{\infty}))=H^2(X, \mathbb{Z})$.
By Dold-Thom $\pi_i(Sym^{\infty}(Hom^0(X, \mathbb{P}^{\infty})))=H_i(Hom^0(X, \mathbb{P}^{\infty})))$. There is a $H$-space structure on $Hom^0(X, \mathbb{P}^{\infty})$ induced from $\mathbb{P}^{\infty}$. This $H$-space structure turns $H_i(Hom^0(X, \mathbb{P}^{\infty})))$ into a graded algebra. Consequently $\pi_i(Sym^{\infty}(Hom^0(X, \mathbb{P}^{\infty})))$ is a graded algebra.
- Does $f$ map this algebra product to the cup product on the right side?
Note that homotopy groups of the right side is as the following:
We have $Sym^{\infty}(\mathbb{P}^{\infty})=\prod_{i=1}^{\infty}K(2i, \mathbb{Z})$ so $\pi_i(Hom(X, Sym^{\infty}(\mathbb{P}^{\infty})))=\bigoplus H^{\text{even}}(X, \mathbb{Z})$ if $i$ is even and $\bigoplus H^{\text{odd}}(X, \mathbb{Z})$ if $i$ is odd. So there is a natural cup product structure on the right.
Let's assume as Tom Goodwillie mentions in the comments that the homotopy equivalence between $Sym^{\infty}(\mathbb{P}^{\infty})$ and $\prod_{i=1}^{\infty}K(2i, \mathbb{Z})$ is induced by mapping $\mathbb{P}^{\infty}$ to $\prod_{i=1}^{\infty}K(2i, \mathbb{Z})$ where each map $\mathbb{P}^{\infty}\rightarrow K(2i, \mathbb{Z})$ is the map in homotopic to the one corresponding to the generator of $H^{2i}(\mathbb{P}^{\infty}, \mathbb{Z})$. Now the map from $\mathbb{P}^{\infty}$ to $\prod_{i=1}^{\infty}K(2i, \mathbb{Z})$ is extended to a map from $Sym^{\infty}(\mathbb{P}^{\infty})$ to $\prod_{i=1}^{\infty}K(2i, \mathbb{Z})$ by the $H$-space operation. So the final map is a map of $H$-spaces.