Let $ A,B $ be matrix groups (with entries in the same field). Then the tensor/Kronecker product $ A \otimes B $ is a matrix group and $$ \pi: A \times B \to A \otimes B $$ is a group homomorphism. Taking $ A=B=SU_2 $ we have a map $ \pi: SU_2 \times SU_2 \to SU_4 $ given by $$ (A,B) \mapsto A \otimes B $$ The only nontrivial element of the kernel is $ (-1,-1) $. So the image $ SU_2 \otimes SU_2 $ of $ \pi $ is a subgroup of $ SU_4 $ isomorphic to $$ SU_2 \times SU_2/ (-1,-1) \cong SO_4(\mathbb{R}) $$
Is $ SU_2 \otimes SU_2 $ conjugate to $ SO_4(\mathbb{R}) $ in $ SU_4 $? If so what is a matrix conjugating one to the other? (this part was unanswered for a while but is now answered in the update)
Since matrices in $ SU_2 $ have real trace then all matrices in $ SU_2 \otimes SU_2 $ have real trace. So it is at least plausible that $ SU_2 \otimes SU_2 $ and $ SO_4(\mathbb{R}) $ are conjugate.
Also what is the normalizer in $ SU_4 $ of $ SU_2 \otimes SU_2 $ / the normalizer in $ SU_4 $ of $ SO_4(\mathbb{R}) $? Certainly $ iI $ normalizes $ SO_4(\mathbb{R}) $ and $$ T= \zeta_8 \begin{bmatrix} 1 & 0 & 0 & 0\\ 0 & 0 & 1 & 0\\ 0& 1 & 0 & 0 \\ 0 & 0 & 0 & 1 \\ \end{bmatrix} $$ normalizes $ SU_2 \otimes SU_2 $.
EDIT: Just to reiterate what Jason DeVito both $ SO_4(\mathbb{R}) $ and $ SU_2 \otimes SU_2 $ are normalized by $$ T= \zeta_8 \begin{bmatrix} 1 & 0 & 0 & 0\\ 0 & 0 & 1 & 0\\ 0& 1 & 0 & 0 \\ 0 & 0 & 0 & 1 \\ \end{bmatrix} $$ where $$ \begin{bmatrix} 1 & 0 & 0 & 0\\ 0 & 0 & 1 & 0\\ 0& 1 & 0 & 0 \\ 0 & 0 & 0 & 1 \\ \end{bmatrix}=SWAP \in O_4(\mathbb{R}) $$ is the $ SWAP $ operator and $ \zeta_8 $ just normalizes the determinant. Both $ SO_4(\mathbb{R}) $ and $ SU_2 \otimes SU_2 $ contain $ -I $ and both do not contain $ iI $. Since \begin{align*} (\zeta_8 SWAP)^2&=iI\\ (\zeta_8 SWAP)^4&=-I \end{align*} we can combine this with the results from https://arxiv.org/pdf/math/0605784.pdf to conclude that both $ SO_4(\mathbb{R}) $ and $ SU_2 \otimes SU_2 $ have cyclic $ 4 $ component group generated by $ \zeta_8 SWAP $.
UPDATE: A specific unitary matrix conjugating $ SU_2 \otimes SU_2 $ to $ SO_4(\mathbb{R}) $ is $$ Q=\frac{1}{\sqrt{2}} \begin{bmatrix} 1 & 0 & 0 & i \\ 0 & i & 1 & 0 \\ 0 & i & -1 & 0 \\ 1 & 0 & 0 & -i \end{bmatrix} $$ in other words there is an isomorphism $ SU_2 \otimes SU_2 \to SO_4(\mathbb{R}) $ given by $$ M \mapsto Q^{-1} M Q $$ This is Theorem 1 from https://arxiv.org/pdf/quant-ph/0002045.pdf the matrix $ Q $ is the change of basis from standard basis to the Bell basis well known in quantum computing. This theorem is an interesting and short read for anyone interested in quantum information or just Lie groups. The argument proceeds by concocting a definite form that is preserved by local unitaries $ SU_2 \otimes SU_2 $, instantiating the claims in the answers below that such a form must exist.