Your product is nothing but
$$\lim_{n \to \infty}\prod_{\overset{p_k \leq n}{p_k \equiv -1 \pmod4}} \left(1+\dfrac1{p_k}\right)^{-1} \prod_{\overset{p_k \leq n}{p_k \equiv 1 \pmod4}} \left(1-\dfrac1{p_k}\right)^{-1}$$
Now recall that
$$\left(1-\dfrac1r\right)^{-1} = \sum_{k=0}^{\infty} \dfrac1{r^k}$$
Make use of the above to note that
$$\lim_{n \to \infty}\prod_{\overset{p_k \leq n}{p_k \equiv -1 \pmod4}} \left(1+\dfrac1{p_k}\right)^{-1} \prod_{\overset{p_k \leq n}{p_k \equiv 1 \pmod4}} \left(1-\dfrac1{p_k}\right)^{-1} = \lim_{m \to \infty} \sum_{\ell=0}^m \dfrac{(-1)^\ell}{2\ell+1} = \dfrac{\pi}4$$
The last step makes use of the fact that
$$4\ell+1 = \prod_{\overset{q_k \equiv 1 \pmod4}{k=1,2,\ldots,n_1}} q_k^{a_k} \prod_{\overset{p_j \equiv -1 \pmod4}{j=1,2,\ldots,n_2}} p_j^{b_j}$$
such that $\displaystyle \sum_{j=1}^{n_2}b_j = \text{even}$ and
$$4\ell-1 = \prod_{\overset{q_k \equiv 1 \pmod4}{k=1,2,\ldots,n_1}} q_k^{a_k} \prod_{\overset{p_j \equiv -1 \pmod4}{j=1,2,\ldots,n_2}} p_j^{b_j}$$
such that $\displaystyle \sum_{j=1}^{n_2}b_j = \text{odd}$.