It would add a lot more functionality to the IF column if it had And and Or options similar to the visibility controls.
I understand many of the use cases can be solved with the ordering of the If statements but this functionality would open up many more applications and be easier for most users to understand.
Example:
If Column 1 value is blue
OR
Column 1 value is red
True, else False
If Column 1 value is blue
AND
Column 2 value is greater or equal to 1
In Stock, else Out of Stock