Honey would be an incredibly poor fertilizer; First off, the density of solute to water is so high that it would actually suck the water out of most cells it comes into contact with. This would prevent it from being broken down by microbes, and therefore prevent its compounds from being used by plants. Second, honey is surprisingly acidic - which is another reason microbes don't like it - so it wouldn't be too great for the pH of the soil.
...
I say all of this, but I just looked up "Growing Plants in Honey". It turns out that the antiseptic (and, incidentally, antifungal) properties actually help plant cuttings stay healthy. Not grow faster, but stay healthy. So instead of having the soil grow plants faster, you could have it ward off Corruption and Crimson (and possibly the Hallow). Of course, these are all arguments based off of real-life logic. Which Terraria clearly doesn't follow.