A possible (much simplified) scenario.
Imagine the following recipes:
ComboDrug: Drug A + Drug B + Inert1+ Inert2 + Inert 3
TabletA 120mg: Drug A + Inert1 + Inert4 + Inert5
TabletB: DrugB + Inert2+ Inert3+Inert5+Inert6
Clearly, Inert1, 2 and 3 have been proven to be safe (does not cause drug degradation, abnormal biochemistry, etc) with Drug A and Drug B, since they are in ComboDrug. Inert5 is also safe with both, as both TabletA and TabletB contain it.
The problems become Inert 4 and 6. 4 has not been proven to not degrade or affect the performance of Drug B, and likewise Inert6 isn’t known to be safe with Drug A. Of course, there’s probably a ton of data at the various pharma companies about this stuff, but due to the testing they did, they chose those recipes, and as a consumer you can’t know if some inerts caused problems, or offered no benefits, or was just too expensive, or what.
The other aspect of this is what the recipe is designed to do. ComboDrug may be designed to release DrugA in 30 mins or less and DrugB in no less than 4 hours, but TabletA might be designed to release DrugA in no less than 1 hour and TabletB be designed to release DrugB in under 45mins.
In cases like this, you are clearly not medicating the condition in the same manner, since the effects of each drug hit your system at different times. One serious risk here is the compounding of side effects - if both drugs tend to cause a few minutes of rapid heart rate as they hit your system, then having that happen at the same time could make things very, very bad for you! Also, the different release times to your system could mean that the effects wear off sooner (or later), and sticking to the same dose schedule (or a random one of your own making) could mean that you under or overmedicate your medical condition, and uneven dosing could increase the risk of side effects and complications.
OR ComboDrug was specifically designed to replace a TabletA+TabletB dosing regimen, and is therefore just as good or more effective than either one together or apart, or by coincidence, ComboDrug just happens to behave the same way as TabletA and TabletB taken together, but wasn’t studied in direct comparison to them.
So, essentially, it completely depends on a bunch of stuff, and there is no general answer to your question! If you knew which medication you were replacing and the names of the 2 others as well, a doctor or pharmacist may be able to tell you whether the alternate dosing regimen was safe.