I have seen it both ways, wood fuel burned without preheated combustion air, and with. There is no comparison. The preheated combustion air helps drive off the moisture so that the carbon and gaseous material in the wood can ignite and burn. Without the preheat, the incoming air has to be heated first, and then the moisture has to be driven off, all of which has produced no useful work yet from the fuel.
Regarding the release of hydrogen from the wood moisture, you better hope not. It is called water gas, and it takes a pretty hot furnace to do it, out of the range of most wood fired furnaces, but not to say that it hasn't happened when water leaked into a very hot furnace.
But when it does, it is explosive. When it has been suspected in cases that I know of (can't be proven) the results were catastrophic. Not the thing one wants to try to do on purpose.
In normal wood combustion, any H2 in the combustion calcs is a product of hydrogen in the wood, not in the moisture the wood brings into the furnace.
The fuel moisture just gets heated up and carried through the boiler or whatever, and is a loss.
rmw