Let $X$ be a set with a binary operation $\star:X\times X\to X$, which could be a group structure or whatever you want. Let $f:X\to Y$ be a mapping to some other set and let $F(x,y) := f(x\star y)$ (your middle expression is this one with the operation +). If $f$ is sufficiently nice, e.g. a bijection, then your construction transports the binary operation from $X$ to $Y$.
In your example, for a given velocity $v\in(-1,1)$ we have a boost $\Lambda(v)\in O(1,1)$, giving us the bijection $f = \Lambda^{-1}$:
$$\Lambda^{-1}: O(1,1)\to(-1,1)$$
The group structure of $O(1,1)$ is transported to the interval $(-1,1)$ by this map:
$$u\star v = \Lambda^{-1}(\Lambda(u)\Lambda(v)) = \frac{u+v}{1 + uv}$$
When both already come with their binary structure so that $f$ is an isomorphism we get the most trivial case, in which you can use $f$ to choose to use the group operation in the group (or whatever it is) it is easiest in, this is often done to turn multiplication into addition through $\exp$ and $\log$.
A less trivial example of some interest in physics is given by the Baker-Campbell-Hausdorff formula, in which $f = \exp$, the exponential map $\mathfrak g\to G$ of a Lie algebra to the Lie group it is the tangent space of (at the identity). Strictly speaking this would correspond to a map $Y\to X$ in the preceding but that doesn't really change anything essential, only its inverse may not be defined on the whole of $G$.
This map has a lot of structure, but in general it is not a homomorphism. The formula defines a map $Z$ of two Lie algebra elements $X,Y\in\mathfrak g$ that map to an element $Z(X,Y)\in\mathfrak g$ whose image under $\exp$ is the product $\exp(X)\exp(Y)\in G$ where defined.
Explicitly, let $x,y\in G$, write $X = \log(x), Y = \log(y)$, then
$$xy = \exp(X)\exp(Y) = \exp Z(X,Y)$$
(so $Z$ is our binary operation and $F = \exp\circ\, Z$) where
$$\begin{split}\log(xy) = Z(X,Y) &{}= \log(\exp X\exp Y) \\
&{}= X + Y + \frac{1}{2}[X,Y] +
\frac{1}{12}\left ([X,[X,Y]] +[Y,[Y,X]]\right ) \\
&{}\quad
- \frac {1}{24}[Y,[X,[X,Y]]] \\
&{}\quad
- \frac{1}{720}\left([Y,[Y,[Y,[Y,X]]]] + [X,[X,[X,[X,Y]]]] \right) + \cdots\end{split}$$
In this way you can obtain or approximate the product of two elements in $G$ from the Lie algebra, which often has advantages.