I am trying to understand the meaning of the equation shown in the above image taken from this paper, but I am unfamiliar with the tensor network notation. My current strategy is trying to write down matrix representations for the LHS and RHS separately and see from there that they are the same, but I am having difficulty doing it. To me, the LHS looks like $I\otimes I$ and the RHS looks like $$\frac{I\otimes I+X\otimes X+Y\otimes Y+Z\otimes Z}{2},$$ but clearly they are not equal.
Could anybody shed more light on this?