Boring is cutting a cylinder to a particular size. Honing is the final step to dress up a cylinder bore to get it to the right size and put the proper finish on it. Think of it as sanding the cylinder smooth.
If the cylinder wall is within allowable specs, you can use a hone to add a crosshatch to deglaze and help ring seating on a re-ring, but you don't want to take off too much.
I would not attempt to hone an engine in the car, though. When you are fininshed you need to be able to clean it very thoroughly. Honing leaves a very fine abrasive grit behind that must be removed. Doing it in the car wouldn't afford you that opportunity and all that crud will be left behind to eat away at your crank, bearings, cam, and everything else. It would be like dumping sand in the engine.