There is a harmonic sum hiding here which we now examine in more detail.
Introduce $$P = \prod_{n\ge 1} \left(1-\frac{1}{4n^2}\right)$$
so that
$$ S= \log P = \sum_{n\ge 1} \log\left(1-\frac{1}{4n^2}\right)$$
The sum term may be evaluated by inverting its Mellin
transform. Put
$$S(x) = \sum_{n\ge 1} \log\left(1-\frac{1}{4(xn)^2}\right)$$
so that we are interested in $S(1).$
Recall the harmonic sum identity
$$\mathfrak{M}\left(\sum_{k\ge 1} \lambda_k g(\mu_k x);s\right) =
\left(\sum_{k\ge 1} \frac{\lambda_k}{\mu_k^s} \right) g^*(s)$$
where $g^*(s)$ is the Mellin transform of $g(x).$
In the present case we have
$$\lambda_k = 1, \quad \mu_k = k
\quad \text{and} \quad
g(x) = \log\left(1-\frac{1}{4x^2}\right).$$
We need the Mellin transform $g^*(s)$ of $g(x)$ which is
$$\int_0^\infty \log\left(1-\frac{1}{4x^2}\right) x^{s-1} dx
\\ = \left[\log\left(1-\frac{1}{4x^2}\right)
\frac{x^s}{s}\right]_0^\infty
+ 2 \int_0^\infty \frac{1}{x(1-4 x^2)} \frac{x^s}{s} dx
\\ = \frac{2}{s}
\int_0^\infty \frac{1}{1-4 x^2} x^{s-1} dx.$$
The fundamental strip of the term from the integration by parts is
$\langle0, 2\rangle,$ which is also the fundamental strip of the
second Mellin transform, call it $h^*(s)$ of $h(x).$
This transform has poles at $\pm 1/2$ i.e. two poles on the
real line. We will be using a semicircular contour of radius $R$ in
the upper half plane with $R$ going to infinity to evaluate this transform.
We put small
semicircular indentations around the two poles. These are both
counterclockwise and pick up half the residue at that point. The
integral on the negative real line is
$$\int_{-\infty}^0 h(x) x^{s-1} dx
= - \int_\infty^0 h(-x) (-x)^{s-1} dx
\\= e^{\pi i (s-1)} \int_0^\infty h(x) x^{s-1} dx
= - e^{\pi i s} h^*(s).$$
This yields for $h^*(s)$ that
$$h^*(s) \left(1-e^{\pi i s}\right)
\\= \frac{1}{2}\times 2\pi i
\left(\mathrm{Res}\left(\frac{1}{1-4 x^2} x^{s-1}; x=-1/2\right)
+\mathrm{Res}\left(\frac{1}{1-4 x^2} x^{s-1}; x=1/2\right)\right)
\\=\pi i
\left(\frac{1}{4} (-1/2)^{s-1}
- \frac{1}{4} (1/2)^{s-1}\right).$$
This gives for $h^*(s)$ that
$$h^*(s) =
\pi i \frac{1}{4} (1/2)^{s-1}
\frac{e^{i\pi(s-1)}-1}{1-e^{\pi i s}}
= -\pi i \frac{1}{4} (1/2)^{s-1}
\frac{1+e^{i\pi s}}{1-e^{\pi i s}}
\\ = -\pi (1/2)^{s+1}
\frac{i(e^{-i\pi s/2}+e^{i\pi s/2})}{e^{-i\pi s/2}-e^{\pi i s/2}}
= \pi (1/2)^{s+1} \cot(\pi s/2).$$
It follows that the Mellin transform $Q(s)$ of the harmonic sum
$S(x)$ is given by
$$Q(s) = \frac{2}{s} \pi (1/2)^{s+1} \cot(\pi s/2) \zeta(s)$$
which is
$$ \frac{\pi}{s}\frac{\cot(\pi s/2)}{2^s} \zeta(s)
\quad\text{because}\quad
\sum_{k\ge 1} \frac{\lambda_k}{\mu_k^s} =
\sum_{k\ge 1} \frac{1}{k^s}
= \zeta(s)$$
for $\Re(s) > 1.$
The Mellin inversion integral here is determined by the abscissa of
convergence of the zeta function term and is $$\frac{1}{2\pi i}
\int_{3/2-i\infty}^{3/2+i\infty} Q(s)/x^s ds$$ which we evaluate by
shifting it to the right for an expansion about infinity. (In any case
the pole of the zeta function is cancled by a zero of the cotangent
term.)
Collecting the contributions from the poles at the even positive
integers of the contangent term we get the sum (with a minus due to
the shift to the right and setting $x=1$ for the value $S(1)$)
$$-\sum_{q\ge 1} \frac{\pi}{2q} \frac{2}{\pi} \frac{\zeta(2q)}{2^{2q}}
= - \sum_{q\ge 1} \frac{\zeta(2q)}{q 2^{2q}}.$$
In terms of Bernoulli numbers this becomes
$$ \sum_{q\ge 1} \frac{(-1)^q B_{2q} (2\pi)^{2q}}{2(2q)!}
\frac{1}{q 2^{2q}}
= \sum_{q\ge 1} \frac{i^{2q} B_{2q} \pi^{2q}}{2q(2q)!}.$$
This is
$$ -\frac{i B_1\pi}{1\times 1!} +
\sum_{q\ge 1} \frac{i^q B_q \pi^q}{q\times q!}
\quad\text{or}\quad
\frac{1}{2} i\pi +
\sum_{q\ge 1} \frac{i^q B_q \pi^q}{q\times q!}.$$
Now recall that
$$-1 + \frac{t}{e^t-1} =
\sum_{q\ge 1} B_q \frac{t^q}{q!}
\quad\text{so that}\quad
-\frac{1}{t} + \frac{1}{e^t-1}
= \sum_{q\ge 1} B_q \frac{t^{q-1}}{q!}.$$
Integration of the generating function yields
$$-\log t + \log(e^t-1) - t
= \sum_{q\ge 1} B_q \frac{t^q}{q\times q!}.$$
The left and the right are zero in the limit as $t$ goes to zero so
there are no problems with the constant that appeared during the
integration.
Putting $t=i\pi$ and collecting everything we finally obtain
$$S(1) = \frac{1}{2}\pi i
- \log(i\pi) + \log(-2) - i \pi
\\= \frac{1}{2}\pi i
- \left(\frac{1}{2} \pi i + \log \pi\right)
+ \left(\log 2 + i\pi\right) - i\pi
= \log\left(\frac{2}{\pi}\right)$$
and therefore
$$P = \exp\log\left(\frac{2}{\pi}\right) = \frac{2}{\pi}.$$
Observation. The reader may well contend that in our last step we have
tacitly chosen a branch cut for the logarithm. The fact is however
that the result does not depend on the sheet. Suppose we have a
logarithm that produces arguments in the range $[2\pi, 4\pi).$ We get
$$ \frac{1}{2}\pi i
- \left(\frac{5}{2} \pi i + \log \pi\right)
+ \left(\log 2 + 3i\pi\right) - i\pi
= \log\left(\frac{2}{\pi}\right).$$
For a logarithm with the cut on the positive imaginary axis and
argument in $[\pi/2, 5\pi/2)$ we get
$$ \frac{1}{2}\pi i
- \left(\frac{1}{2} \pi i + \log \pi\right)
+ \left(\log 2 + i\pi\right) - i\pi
= \log\left(\frac{2}{\pi}\right).$$
There is another "divergent" Mellin transform with poles on the positive real line at this MSE link.