Real honey, unlike Honey Malt, actually is honey — added directly to a batch as a genuine fermentable rather than a malt engineered to taste like one. Its sugars are largely but not entirely fermentable, and its flavour and aroma vary significantly by floral source: wildflower honey reads differently from orange blossom, which reads differently again from buckwheat honey's notably darker, more robust character.
The single most important practical fact about brewing with honey is timing: its delicate floral aroma compounds are volatile and easily driven off by a full boil, so most brewers add honey late in the boil, at flame-out, or even directly to the fermenter (with appropriate sanitation precautions) rather than boiling it alongside the rest of the wort for a full 60-90 minutes. Boiling honey the same way base malt extract gets boiled captures its fermentable sugar but loses much of what makes it recognisably honey in the finished beer. At 1-5 °Lovibond depending on variety, honey's colour contribution is modest even at a meaningful addition, and because it ferments out close to completely, it raises ABV and dries the finish somewhat without adding proportional body — a similar functional role to cane sugar or dextrose, but with real floral character in exchange for the extra care its aroma requires — and worth remembering that "not entirely fermentable" means the final gravity contribution isn't quite as predictable from honey as it is from a refined sugar like dextrose.