If $x\le0$, then $y\ge1$, so $x^4+y^4\ge1$. Hence we can assume $x,y>0$.
For $x,y>0$, $x\ne y$, the function
$$
\mu(x,y;t)=\begin{cases}
\left(\dfrac{x^t+y^t}{2}\right)^{1/t} & \text{if $t\ne0$} \\[6px]
\sqrt{xy\vphantom{X}} & \text{if $t=0$}
\end{cases}
$$
is continuous and increasing in the variable $t$. Thus
$$
\mu(x,y;1)<\mu(x,y;4)
$$
that is
$$
\frac{x+y}{2}<\left(\dfrac{x^4+y^4}{2}\right)^{1/4}
$$
and, if $x+y=1$,
$$
\frac{1}{16}<\frac{x^4+y^4}{2}
$$
For $x=y$, the inequality is obvious (and is an equality, actually).
The proof that $\mu(x,y;t)$ is increasing (for $x\ne y$) is an application of convexity. Suppose $0<p<q$; we want to prove that
$$
\left(\dfrac{x^p+y^p}{2}\right)^{1/p}<
\left(\dfrac{x^q+y^q}{2}\right)^{1/q}
$$
that is,
$$
\left(\dfrac{x^p+y^p}{2}\right)^{q/p}<\dfrac{x^q+y^q}{2}
$$
Set $u=x^p$ and $v=y^p$; then the inequality becomes
$$
\left(\dfrac{u+v}{2}\right)^{q/p}<\dfrac{u^{q/p}+v^{q/p}}{2}
$$
which is a consequence of $z\mapsto z^{p/q}$ being convex (on $(0,\infty)$).
Since it's immediate that $\mu(x,y;t)$ is continuous at $0$, we have that it is increasing over $[0,\infty)$.
Now notice that
$$
\mu(x,y;-t)=\mu(x^{-1},y^{-1};t)^{-1}
$$
and we can conclude that the function is also increasing over $(-\infty,0]$.
This is a “generalized AM-GM” inequality, which is the simple observation that $\mu(x,y;0)<\mu(x,y;1)$. For $t=-1$ we get the harmonic mean.
The inequalities become nonstrict if and only if $x=y$.
More generally, then, for $x+y=1$, $x,y>0$ and $t>1$, we have $\mu(x,y;1)\le\mu(x,y;t)$, that is
$$
x^t+y^t\ge\frac{1}{2^{t-1}}
$$
If instead $0<t<1$, we have $\mu(x,y;t)\le\mu(x,y;1)$, so
$$
x^t+y^t\le 2^{1-t}
$$