This is by no means complete, but too long for a comment, so I am posting some observations as a partial answer. I give some necessary conditions on $f$ for the existence of a continuous map $\phi$ under some assumptions on $f$ (to be seen later).
I. Conditions on the range $f(\mathbb{R})$
Firstly, $f(\mathbb{R}^n)$ must be closed under addition. By connectedness, this implies that the image must either be
- the singleton $\{0\}$,
- a ray of type $(-\infty, -a_0]$, $(-\infty, -a_0)$, $(+a_0, +\infty)$ or $[+a_0, +\infty)$ for $a_0 \geq 0$, or
- the entire real line $\mathbb{R}$.
In the case $f(\mathbb{R}) = \{0\}$, existence is immediate and we may take $\phi$ to be constant.
II. Group action on $\mathrm{C}(\mathbb{R}^n, \mathbb{R})$ and $\mathrm{C}(\mathbb{R}^n \times \mathbb{R}^n, \mathbb{R}^n)$
The group of homeomorphisms $\operatorname{Homeo}(\mathbb{R}^n)$ acts on $\mathrm{C}(\mathbb{R}^n, \mathbb{R})$ by precomposition and acts on $\mathrm{C}(\mathbb{R}^n \times \mathbb{R}^n, \mathbb{R}^n)$ by conjugation. Specifically, given a homeomorphism $\rho \colon \mathbb{R}^n \to \mathbb{R}^n$ and a continuous map $\phi \colon \mathbb{R}^n \times \mathbb{R}^n \to \mathbb{R}^n$, define $\phi^{\rho} = \rho^{-1} \circ \phi \circ (\rho \times \rho)$. Then for all $x,y \in \mathbb{R}^n$,
$$
f(\phi(x, y)) = f(x) + f(y) \; \text{ if and only if }\; (f\rho)(\phi^{\rho}(x,y)) = (f\rho)(x) + (f\rho)(y).
$$
Hence, there exists a continuous solution to the functional equation for $f$ if and only if there exists a continuous solution to the functional equation for any $g$ in the same orbit as $f$. For example, if $n = 1$ and $f$ is sufficiently nice, we may assume that $f$ is even piecewise linear. Similarly, by fixing either $x$ or $y$, we can make a similar conclusion on each slice of $\mathbb{R}^n \times \mathbb{R}^n$.
III. Existence of a Reeb graph homomorphism
Define $F \colon \mathbb{R}^{n} \times \mathbb{R}^n \to \mathbb{R}$ by $F(x,y) = f(x) + f(y)$. Then if $f \circ \phi = F$, it must be that $\phi$ maps level sets of $F$ into level sets of $f$. By continuity, for all $a \in \mathbb{R}$, any given connected component of $F^{-1}\{a\}$ must map into some connected component of $f^{-1}\{a\}$.
Let $\mathfrak{R}_{F} = (\mathbb{R}^{n} \times \mathbb{R}^n)/{\sim_F}$ and $\mathfrak{R}_f = \mathbb{R}^n/{\sim_f}$ be the Reeb spaces of $F$ and $f$. If we assume that $f$ and $F$ are smooth functions with finite or isolated critical values, then these spaces should1 both assume the structure of a potentially infinite graph (with edges going out to infinity), each of which can be subdivided by including a vertex for each critical value of $F$ and $f$. Call the subdivisions $\mathfrak{R}_{F}^+$ and $\mathfrak{R}_{f}^+$ and label each vertex by the corresponding value of $F$ or $f$ at that point. Then a necessary condition for the existence of a continuous map $\phi$ should be the existence of a graph homomorphism $\Phi \colon \mathfrak{R}^+_{F} \to \mathfrak{R}^+_f$ which respects the labeling of each vertex.
1 It is known that for a smooth function $f \colon M \to \mathbb{R}$ on a compact manifold with finitely many critical values that the Reeb space has the structure of a graph, but I imagine there is a generalization of the mentioned sort for noncompact $M$ under potentially more restrictive conditions on $f$.