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Surely no because $R$ may be Noetherian and $I$ may be infinite whence the injective envelope of the direct sum of the $Q_i$ is the direct sum of the $Q_i$ which is not the product of the $Q_i$. Or did you mean to insist that $R$ be non-Noetherian.
I think that consideration of finite groups (which can be viewed as algebraic groups of course) might help you assess whether anything like this is at all plausible.