I looked for any Theodore born 1900-04 on the IOM and the one you quoted is the only one.
The 1904 Baptism recorded by the IGI does show him as T E H Wood , but the original parish document shows him as Theodore Edward Holroyd and his father is listed as Wood. So which Wood? and his mother ?
There are 141 people named Wood or Woods on the 1901 IOM Census.
The closest Wood to being 3 months on 1901 census is Frank Turner Wood born Aug 25, 1900 to James Wood and Juliet Turner, but he is also on the 1901 IOM Census.
James Holroyd and wife and family are on the 1891 IOM Census and no daughters who may have been Theodore's mother.
There is another Holroyd Family 1901 IOM Census - Richard E Holroyd and 12 children from 11 yrs to 29, who are also on 1891 census where Richards wife is also shown as Charlotte E.
Nine of Richrds children were daughters. So it is possible that one could be Theodore's mother.