1Let the two break points be $x, y$, uniform on $[0,1]^2$ (area $1$). The three piece lengths must each be less than $\tfrac{1}{2}$ for the triangle inequality to hold (the longest piece must be under half the total).
2Consider the case $x < y$ (area $\tfrac{1}{2}$); the pieces are $x$, $y - x$, $1 - y$. The triangle conditions become $x < \tfrac{1}{2}$, $y - x < \tfrac{1}{2}$, and $1 - y < \tfrac{1}{2}$ (i.e. $y > \tfrac{1}{2}$).
3In the triangle $\{0 < x < y < 1\}$, the favorable sub-region is $x < \tfrac12,\ y > \tfrac12,\ y - x < \tfrac12$, a smaller triangle of area $\tfrac{1}{8}$ (it has vertices $(0,\tfrac12), (\tfrac12,\tfrac12), (\tfrac12,1)$).
4By symmetry the case $x > y$ contributes equally, so the total favorable area is $2 \cdot \tfrac{1}{8} = \tfrac{1}{4}$, and the probability is $\tfrac{1}{4}$.