Not so unless I'm misunderstanding what you are saying, so here is my bottom line statement. If you take your splitter/combiner, make it a 4-port with 20dB or more isolation between output ports and send a signal from the input port to an output port with all other ports open or terminated, doesn't matter, you will have minimum 6dB loss through it. That is using it as a splitter or combiner, doesn't matter and the port to port isolation has little to do with insertion loss.
So, using the specific Stridesberg 4-way passive splitter as a combiner for different antennas of different bands, you will loose at least 6dB or 75% of the signal passing through it on each and every port. Turn the same splitter/combiner around and use it as a passive splitter and you will loose at least 6dB or 75% of the signal passing through it on each and every port. In real life that 6dB loss is theoretical and the actual loss will be more like 6.5dB to 7dB depending on the mfr and quality.
Here are the actual specs from the Stridesberg web site to back this up, although I don't require any backup:
Nominal Impedance: 50 ohm
Port-To-Port isolation (min): 22 dB
Return Loss (all ports): > 20 dB
Phase (input/Output): 0 degrees
Insertion Loss (Total): 2-Port = 4 dB, 4-port = 7 dB (+ 0 / -1,5 dB)
RF Connectors: BNC standard, TNC optional
Mechanical: 4.75 X 3.75 X 1.50 inches (L.W.H)
Case: Die cast Aluminum, Black powder coating (standard)
OD Green optional
Actually, no. If there is more than 20dB of isolation between output ports of the passive splitter/combiner, then more than 90% of energy entering an output port is being directed to the input port, not other output ports. Insertion loss will be maybe a dB. The only difference between a combiner and a diplexer is the combiner is frequency-agnostic.
Multiple out-of-phase signals on the same frequency applied to the combiner (e.g. multiple antennas rxing the same signal) could be problematic, less so if you are using an I/Q receiver. But if the antennas are on different bands, then no big deal.