Assume that the circle is centred at the origin, and the vertices of the triangle are:
$A(\cos(-2Y),\sin(-2Y))$ where $0\le Y\le\pi$
$B(\cos(2X),\sin(2X))$ where $0\le X\le\pi$
$C(1,0)$
Let:
$a=BC=2\sin X$
$b=AC=2\sin Y$
$c=AB=\left|2\sin\left(\frac{2\pi-2X-2Y}{2}\right)\right|=|2\sin(X+Y)|$
$P\left[\frac1a+\frac1b\ge\frac1c\right]=1-P\left[\frac1a+\frac1b<\frac1c\right]$
$P\left[\frac1a+\frac1b<\frac1c\right]=P\left[\frac{1}{\sin X}+\frac{1}{\sin Y}<\frac{1}{|\sin(X+Y)|}\right]$
This last probability is the ratio of the area of the shaded region to the area of the square in the graph below.

Rotate these regions $45^\circ$ clockwise about the origin, then shrink by factor $\frac{1}{\sqrt2}$, by letting $X=x-y$ and $Y=x+y$.

Using symmetry, we only need to consider the left half of the blue "diamond". Note that in the left half, $0<x<\pi/2$, so $|\sin(2x)|=\sin(2x)$.
$P\left[\frac{1}{\sin X}+\frac{1}{\sin Y}<\frac{1}{|\sin(X+Y)|}\right]$
$=P\left[\frac{1}{\sin(x-y)}+\frac{1}{\sin(x+y)}<\frac{1}{\sin(2x)}\right]$
Now we want to express the inequality as $-f(x)<y<f(x)$ for some $f(x)$.
$=P\left[\sin(2x)(\sin(x+y)+\sin(x-y))<\sin(x-y)\sin(x+y)\right]$
$=P\left[2\sin(2x)(\sin x)(\cos y)<(\sin^2x)(\cos^2y)-(\cos^2x)(\sin^2y)\right]$
$=P\left[2\sin(2x)(\sin x)(\cos y)<(\sin^2x)(\cos^2y)-(\cos^2x)(1-\cos^2y)\right]$
$=P\left[\cos^2y-2\sin(2x)(\sin x)(\cos y)-\cos^2x>0\right]$
Solving the quadratic in $\cos y$ gives
$=P\left[\cos y>(\cos x)\left(2\sin^2x+\sqrt{1+4\sin^4x}\right)\right]$
$=P\left[-f(x)<y<f(x)\right]$
where $\color{red}{f(x)=\arccos\left((\cos x)\left(2\sin^2x+\sqrt{1+4\sin^4x}\right)\right)}$
Note that $f(\arccos(1/4))=0$ and $f(\pi/2)=\pi/2$.
So we have $P\left[\frac1a+\frac1b\ge\frac1c\right]=1-\dfrac{\int_{\arccos(1/4)}^{\pi/2}f(x)\mathrm dx}{\frac12 \left(\frac{\pi}{2}\right)^2}$
Here it is shown that $\int_{\arccos(1/4)}^{\pi/2}f(x)\mathrm dx=\dfrac{\pi^2}{40}$.
$\therefore P\left[\frac1a+\frac1b\ge\frac1c\right]=1-\dfrac15=\dfrac45$.
A nice geometrical implication
This result is equivalent to:
A triangle's vertices are three uniformly random points on a circle. Call the altitudes $p,q,r$. The probability that line segments of lengths $p,q,r$ can form a triangle is $2/5$.
Explanation:
The altitude perpendicular to base $a$ is $\dfrac{2S}{a}$ where $S$ is the area of the triangle. Same for $b$ and $c$.
If the three altitudes cannot form a triangle, then at least one of the following must be true:
- $\dfrac{2S}{a}>\dfrac{2S}{b}+\dfrac{2S}{c}$
- $\dfrac{2S}{b}>\dfrac{2S}{a}+\dfrac{2S}{c}$
- $\dfrac{2S}{c}>\dfrac{2S}{a}+\dfrac{2S}{b}$
The $2S$'s cancel. By my answer to the OP, each one is true with probability $1/5$, and they are mutually exclusive, so the probability that at least one is true is $3/5$. So the probability that the three altitudes can form a triangle is $2/5$.