Let us go back to the usual rotations. Define the rotation matrices by
$$R(\theta) := \left( \begin{array}{cc} \cos(\theta) & -\sin(\theta) \\ \sin(\theta) & \cos(\theta)\end{array}\right).$$
Then the sum-of-angle formulas
$$\begin{align}
\cos(a+b) & = \cos(a) \cos(b) - \sin(a) \sin(b) \\
\sin(a+b) & = \cos(a) \sin(b) + \sin(a) \cos(b)
\end{align}$$
are just a reformulation of the identity
$$R(a+b) = R(a) R(b).$$
In other words, doing a rotation of angle $a+b$ on the circle (the curve of equation $x^2+y^2=1$) is the same as doing a rotation of angle $a$, followed by a rotation of angle $b$.
Note, by the way, that Pythagoras' theorem $\cos^2 (\theta) + \sin^2(\theta) = 1$ is a reformulation of $\det (R(\theta)) = 1$, that is, rotations preserve the area.
For the hyperbolic identities, the same kind of interpretation holds, replacing the usual rotations by hyperbolic rotations:
$$G(t) := \left( \begin{array}{cc} \cosh (t) & \sinh(t) \\ \sinh(t) & \cosh(t)\end{array}\right).$$
The identity $\cosh^2 (\theta) - \sinh^2(\theta) = 1$ expresses the fact that $\det (G(t)) = 1$, that is, hyperbolic rotations preserve the area. Let me admit this fact.
The hyperbolic sum-of-angle formulas are a reformulation of the fact that
$$G(s+t) = G(s) G(t).$$
So all is left is to give a geometric interpretation of $G$ such that the formula above becomes natural.
Well, in the same way that usual rotations preserve the circle of equation $x^2+y^2=1$, hyperbolic rotations preserve the hyperbola of equation $x^2-y^2=1$. Moreover, $t$ is the signed area of the domain $D(t)$ delimited by:
the segment from $(0,0)$ to $(1,0) =: M(0)$ ;
the arc of hyperbola from $(1,0)$ to $G(t) (1,0) = (\cosh(t), \sinh(t)) =: M(t)$ ;
the segment from $(\cosh(t), \sinh(t))$ to $(0,0)$.
The domain $D(t)$ plays the same role as a circular sector fo the usual rotations. See the first image here.
So, the domain $D(t)$ has area $t$. The domain $D(s)$ has area $s$. By preservation of the area, the domain $G(t) D(s)$ has area $s$. But since $G(t)$ is linear and preserves the hyperbola, the domain $G(t) D(s)$ is delimited by :
the segment from $(0,0)$ to $G(t) M(0) = M(t)$ ;
the arc of hyperbola from $M(t)$ to some $M(t')$ ;
the segment from $M(t')$ to $(0,0)$.
But then, $D(t) \cup G(t) D(s) = D(t')$ has area $\mathcal{A} (D(t)) + \mathcal{A} (G(t) D(s)) = t+s$, so $t' = t+s$. Hence, $G(t) G(s)$ sends $M(0)$ to $M(t+s)$. You can do the same thing with the hyperbola $x^2 - y^2 = -1$ and the starting point $(0,1)$, so you get in the end that $G(t) G(s) = G(t+s)$.