Notions of implication
The problem lies in the interpretation of the $\implies$ symbol. There are two competing definitions, and we normally get away with conflating them.
- Day to day language: $A \implies B$ is equivalent to regardless of anything else, if $A$ holds, then $B$ holds.
- Logic: $A \implies B$ is equivalent to $(\neg A) \vee B$ or either $B$ holds or $A$ doesn't.
Why are these not the same? Because of the "regardless of anything else" bit, which put simply isn't a thing in logic. You have to evaluate the whole formula to interpret this part correctly.
For example, $(\{m \ge 0\} \implies \{x = 1\}) \vee \{x \neq 1\}$ with an implicit $\forall x$ is a true logical statement. It is however obviously not necessarily the case that either $\forall x :\{x \neq 1\}$ or $\forall x:\{m \ge 0\} \implies \{x = 1\}$. The problem lies in the $\forall x$ part, which is an incredibly subtle aspect of implication.
Logic interpretation
Let's start with the maths. The left-hand side is $(P \implies R) \vee (Q \implies R)$. This is exactly $(\neg P \vee R) \vee (\neg Q \vee R)$ or rearranging $R \vee \neg P \vee \neg Q$.
But $\neg(P\wedge Q) \equiv \neg P \vee \neg Q$ and therefore$$(P \implies R) \vee (Q \implies R) \quad \equiv \quad R \vee \neg (P\wedge Q) \quad \equiv \quad (P\wedge Q) \implies R$$
What does this mean in words? It's as follows:
Suppose we know whether you have a cold ($P$), whether you have a headache ($Q$) and whether you should go to the doctors ($R$). Then "you DON'T have a cold, OR you DON'T have a headache, OR you're going to the doctors" is exactly the same as "you DON'T have both a cold AND a headache, OR you're going to the doctors".
Which is obviously true. But it's weird when we rephrase in terms of implications - but this is because the implications become trivial. Let's look at some particular examples in the truth table.
Something that seems weird is that you can deduce from the RHS things where only one of $P,Q$ hold. Let's suppose you only have a cold, so $P$ but $\neg Q$. There are two cases; either $R$ or $\neg R$.
- Suppose you have a cold, but you shouldn't go to the doctors. $P$, $\neg Q$, $\neg R$. Then the right-hand side $(P\wedge Q) \implies R$ evaluates to true! Woah. Weird, huh? It's saying that the implication is trivially satisfied because its condition isn't. What about the left-hand side? Here, the headache implication $Q\implies R$ is trivially satisfied, so we get true here too.
- If we switched to $\neg P$ and $Q$, then it would be a different implication on the left-hand side which was true!
- Suppose you should go to the doctors. $P$, $\neg Q$, $R$. Then the RHS is true because we know you should go to the doctors, and both terms on the LHS are also true, for the same reason!
Thus the fact that implications are true when their arguments are not satisfied makes the whole statement completely perverse. Nobody you'll meet in real life ever says $\forall x: (A(x) \implies B(x)) \vee (C(x) \implies D(x))$; the quantifiers are in the wrong place! They would say $(\forall x : A(x) \implies B(x)) \vee (\forall x : C(x) \implies D(x))$. Unfortunately, the logical notation does not lend itself at all well to what sane humans mean by implication.
Standard language interpretation
As written, interpreted as standard English, that isn't actually the correct interpretation of the LHS either.
For P = "have a cold", Q = "have a headache", R = "go to the doctor", the statement you wrote is
At least one of the two symptoms of cold and headache is serious enough to make a visit to the doctor necessary [but we're not sure which]. $(P \implies R) \vee (Q \implies R)$
It does not say
If you have at least one of the two symptoms of cold and headache, it is serious enough to make a visit to the doctor necessary [regardless of which you have]. $(P \vee Q) \implies R$
As Henry Swanson pointed out, there is not an equivalence if one talks in day to day English between either of these statements and
If you have both of the two symptoms of cold and headache, it is serious enough to make a visit to the doctor necessary. $(P \wedge Q) \implies R$
However, both of the previous statements do imply this one. (Since $P\wedge Q$ allows us to assume both $P$ and $Q$ in considering the implications above.)
To give a concrete counterexample to the stated equivalence in day to day language, suppose $P$ is "$x \le 0$", $Q$ is "$x \ge 0$" and $R$ is "$x = 0$".
Then $P \wedge Q \implies R$ is definitely true.
However, $P \implies R$ is not true. Also, $Q \implies R$ is not true. Therefore $(P \implies R) \vee (Q \implies R)$ is not true.
Consequently, the two statements are not the same.