\(P=\frac{1}{4x^2+1}+\frac{1}{4y^2+1}+\frac{2}{xy}\)
\(=\frac{1}{4x^2+1}+\frac{1}{4y^2+1}+\frac{\frac{64}{25}}{8xy}+\frac{42}{25xy}\)
\(\ge\frac{\left(1+1+\frac{8}{5}\right)^2}{4\left(x+y\right)^2+2}+\frac{42}{\frac{25\left(x+y\right)^2}{4}}=\frac{12}{5}\)