Does the following more general result hold:
If $F$ is free abelian and $F\cong F'\oplus \mathbb{Z}$, where $F'$ is abelian, then $F\cong F'$?
No. Take $F = \mathbb Z \oplus \mathbb Z$ and $F' = \mathbb Z$. I am sure you mean
If $F$ is free abelian and $F \oplus \mathbb Z \cong F'\oplus \mathbb{Z}$, where $F'$ is abelian, then $F\cong F'$?
Here the answer is yes. $G= F\oplus \mathbb Z$ is free abelian and $F'$ embeds as a subgroup into $G$, thus $F'$ is free abelian. If $F$ has finite rank $n$, then $G$ has rank $n+1$, thus $F'\oplus \mathbb{Z}$ has rank $n+1$ and we conclude that $F'$ must also have rank $n$. Similarly, if $F$ has infinite rank, then $G$ has the same rank rank as $F$ and so has $F'\oplus \mathbb{Z}$. We conclude that $F'$ has the same rank as $F$.
Now look at the exact sequence
$$\ldots \to H_0(x_0) \to H_0(X) \to H_0(X,x_0) \to 0 .$$
This gives a split exact sequence
$$0 \to H_0(x_0) \to H_0(X) \to H_0(X,x_0) \to 0 $$
since the unique map $c : X \to \{x_0\}$ induces a right inverse for $H_0(x_0) \to H_0(X)$. We conclude
$$\tilde{H}_0(X)\oplus \mathbb{Z} \cong H_0(X) \cong H_0(X,x_0) \oplus H_0(x_0) \cong H_0(X,x_0) \oplus \mathbb Z$$
which implies
$$\tilde{H}_0(X) \cong H_0(X,x_0) .$$