I realize these two topologies have been discussed before, but I can't understand why the product topology's components are the spaces $X_\alpha$ except for finitely many components. It is probably a silly mistake. In Munkres' text this is a theorem, not part of the definition. He gives the following definitions:
Let $\{X_\alpha\}_{\alpha \in J}$ be an indexed family of topological spaces. Let us take as a basis for a topology on the product space $$\prod_{\alpha\in J} X_\alpha$$ the collection of all sets of the form $$\prod_{\alpha\in J} U_\alpha$$ where $U_\alpha$ is open in $X_\alpha$ for each $\alpha\in J$. The topology generated by this basis is called the box topology.
Then he defines the projection $\pi_\beta$ as usual for $\beta\in J$. Then he defines the product topology:
Let $\mathcal{S}_\beta$ denote the collection $$\mathcal{S}_\beta = \{ \pi^{-1}(U_\beta) | U_\beta \> \text{open in}\ \> X_\beta \},$$ and let $\mathcal{S}$ denote the union of these collections $$\mathcal{S} = \bigcup_{\beta\in J}\mathcal{S}_\beta$$ The topology generated by the subbasis $\mathcal{S}$ is called the product topology.
I see two possibilities for the interpretation of the definition of the set $\mathcal{S}_\beta$, and in particular the status of $U_\beta$. In one interpretation, for each $\beta$, $U_\beta$ is a fixed open set in $X_\beta$, so that $\mathcal{S}_\beta$ consists of all products of the form $$A_{\alpha_1} \times A_{\alpha_2} \times \cdots \times U_\beta \times \cdots$$ where for each $\alpha_i$ the $A_{\alpha_i}$ are any open set in $X_{\alpha_i}$, and $U_\beta$ is in the '$\beta$th' component. This is just the set of products which under the projection map to $U_\beta$, i.e. it is the preimage.
The other interpretation is that for each $\beta$, $U_\beta$ is 'universally quantified' over all open sets in $X_\beta$, making each product in $\mathcal{S}_\beta$ of the form $$A_{\alpha_1} \times A_{\alpha_2} \times \cdots \times U_{j,\beta} \times \cdots$$ where $U_{j,\beta}$ is any open set in $X_\beta$, indexing the open sets of $X_\beta$ by $j$ for clarity, so that the open sets of $X_\beta$ are exactly $\{ U_{j,\beta}\}$ (and of course $U_{j,\beta}$ in the $\beta$th component as before). However my understanding is that this would mean that for each $\beta$, $\mathcal{S}_\beta$ is equal to the box product, so I assume that is not the correct interpretation.
However, even if the first interpretation is correct, this means that $\mathcal{S}$ is the entire box product, because its elements are of the form $$\mathcal{A} = U_{\alpha_1} \times U_{\alpha_2} \times \cdots, $$where each $U_{\alpha_i}$ is universally quantified over the open sets in $X_{\alpha_i}$. And in particular, for such elements $\mathcal{A}\cap\mathcal{B}$, we have $$(U_{\mathcal{A},\alpha_1}\cap U_{\mathcal{B},\alpha_1}) \times (U_{\mathcal{A},\alpha_1}\cap U_{\mathcal{B},\alpha_2}) \times \cdots,$$ where since each component is an open set in $X_{\alpha_i}$, this intersection is again contained in $\mathcal{S}$ by my assumption.
I understand that something here, or quite a bit, is incorrect, but I don't see what, and in general I don't see how to prove that the product topology has for open sets the products with only finitely many components $\beta$ distinct from their space $X_\beta$. I suspect that the finiteness of the intersections performed on a subbasis somehow manifest into this finitely-many-proper-subset-components property, but I can't get past the definitions discussed here.