I see that both ${\Bbb R}/{\Bbb Z}$ and ${\Bbb R}/{2\Bbb Z}$ are isomorphic to $S^1$. But when I apply the third isomorphism theorem I get ${\Bbb R}/{\Bbb Z}\simeq\frac {{\Bbb R}/{2\Bbb Z}}{{\Bbb Z}/{2\Bbb Z}}$ i.e. ${\Bbb R}/{\Bbb Z}\simeq\frac {{\Bbb R}/{2\Bbb Z}}{\Bbb Z_2}$. So if the claim in the title is true, I get ${\Bbb R}/{\Bbb Z}\simeq\frac {{\Bbb R}/{\Bbb Z}}{\Bbb Z_2}$, which seems incorrect to me.
Since $\Bbb R$ is abelian, all the quotient sets are groups.
It actually is correct! Taking $S^1$ and identifying antipodes gives $S^1$ again. This explains why $\mathbb{R}P^1$ is homeomorphic to $S^1$, and what you have is the group-theoretic version of this.
You have to be careful about how you are realizing $\mathbb{Z}_2$ as a subgroup of the circle. The sensible thing is as the multiplicative group $\{\pm 1\}$, and the cosets are then antipodal pairs, which gives my first paragraph above.