I believe that if you are not subversive to China you don't really need to worry about it.
But to be informed:
Not just Honor themselves, but the bloatware on the phone might be monitoring you. WeChat alone is collecting location/chat/payment, etc. data on you.
In 2020, India's CERT-In issued a high severity advisory for multiple vulnerabilities in Honor phones (e.g. Honor View20, Honor 20, Magic2), which could allow attackers to access sensitive data or︀ bypass authentication. This issue was solved by updates.
Reporters without Borders (RSF) have flagged Honor︁ as potentially risky for journalists, especially those covering China, due to its state ties and︂ similarities to Huawei (same thing, different name)
Chinas 2017 Natinal Intelligence Law mandates cooperation with︃ state intelligence, if they ask for your info Honor will hand over everything they got︄ on you.
I used a Huawei phone in the past myself, and I loved it.︅ I still think that's great tech for a good price, and I would use it︆ again if I'd find a good deal.
Personally, I believe that everything is spying on︇ us. They don't even need to do it on the software side, the Intel CPUs︈ have unique serial numbers for 2 decades I think, I remember reading some scary stuff︉ about Qualcomm, Mediatek is an open secret, and there are 0-day exploits and backdoors for︊ everything.
Now I use Graphene OS on an ungoogled phone, but I wouldn't wonder if︋ it was compromised as well (both hardware or software wise), or a straight honeypot.
You can't even trust a charging cable nowadays.
https://shop.hak5.org/products/omg-cable