Wash it off with warm water; it works better.
Honey is very moisturizing, so you probably will not need additional moisturizer. Give it a try and see. In the driest winter weather, the lower part of my cheeks gets flaky, so I put just a tiny dab of coconut oil on my fingers and rub it in there, after washing my face.
Last month, I slipped and scraped my upper cheek on the sidewalk. I had a scab about an inch in diameter. I washed it with honey daily and patted coconut oil onto it afterward. After 5 days the scab came off very smoothly and painlessly--it just sort of rinsed off with the honey--and then the area was pink for about another 5 days. Now there is no mark at all. I'm thrilled with how quickly and completely it healed!