I have heard of people doing this but I am not sure about how it works on color treated hair. Raw honey (not pasteurized) naturally has hydrogen peroxide in it and that is why it works. I think using different lightening techniques also depends on the color hair you have. It may respond different depending on the type and color of your hair. For instance the results will be significantly different for someone who has fine blonde hair than someone who has thick dark hair. Honey may trigger an orange effect in brunettes. I have also read that some brunettes use cinnamon paste but it also adds a red undertone.
After doing a bit of research, make sure to do allergy tests on your arm first because a few people reported burning using honey and/or cinnamon.
What color and type of hair do you have? I can help you find more information if I knew that.