Maybe it's easier to see this way.
You have:
(cons (list 1 2) (list 3 4))
If you
(define one-two (list 1 2))
you have
(cons one-two (list 3 4))
which is equivalent to
(cons one-two (cons 3 (cons 4 '())))
or
(list one-two 3 4)
which is
((1 2) 3 4)