The honey is a must for fishing. It can be used for salmon, just like leech blood. I used it as bait for an hour and noticed that fish bite more frequently. In a pool with coel and salmon, I noticed that the salmon bit more frequently than the coels while using honey as bait.
To make honey last practically forever, make a fishing rod and equip honey, that is about to spoil, to the fishing rod, then un-equip it. It should refresh the spoil timer. Does not work with leech blood. Tested on PS4.