I've learned that representing a combination of two states, I simply need to take the tensor product of the states. For example, for $\left|\Psi\right\rangle =\alpha_0\left|0\right\rangle +\beta_0\left|1\right\rangle $ and $\left|\Phi\right\rangle =\alpha_1\left|0\right\rangle +\beta_1\left|1\right\rangle $ the combined state of the system is: $$ \left|\Psi\right\rangle \otimes\left|\Phi\right\rangle =\alpha_0\alpha_1\left|00\right\rangle +\alpha_0\beta_1\left|01\right\rangle +\beta_0\alpha_1\left|10\right\rangle +\beta_0\beta_1\left|11\right\rangle $$
On the other hand, one can "mix" these states by simply finding their density matrices, and adding them together weighed by their probabilities respectively:
$$\rho=p_1|\Psi\rangle\langle\Psi|+p_2|\Phi\rangle\langle\Phi|$$
Which gives us a mixed state. Hence my question:
Can I understand it as the product state is EITHER $\left|\Psi\right\rangle $ OR $\left|\Phi\right\rangle $ and the mixed state is BOTH $\left|\Psi\right\rangle $ AND $\left|\Phi\right\rangle $?
If so, is it possible to calculate the probability of finding $\left|\Psi\right\rangle $ in $(\left|\Psi\right\rangle \otimes\left|\Phi\right\rangle )$? (By my intuition, if the product state is OR, then the probability should be just $1$?)