It does look somewhat confusing, because the vertical bar |, which in this case means And, looks similar to the double bar ||, which means Or. Also, the name "Alternatives" usually means "either or", not And. However the documentation of Element states that the three following inputs are equivalent:
Element[x | y, Integers]
Element[x, Integers] && Element[y, Integers]
Element[{x, y}, Integers]
and they are different from
Element[x, Integers] || Element[y, Integers]
It is a design choice that probably has its rationale.