I've made caramel before from table sugar, only caramelized honey once, late last year. (My bochet is still bubbling in the closet.)
From a chemistry perspective, chemical reactions don't turn on like a switch at a particular temperature. That's because the molecules have a random distribution of energies, what we call the "temperature" is just an average. Some of the molecules will have enough energy to react, even if the temperature is fairly low.
What happens is that the reaction gets faster and faster as the temperature rises, exponentially, until you hit a point where it's running fast enough to be useful. But if you've got a lot of time on your hands, you can usually do the reaction slower at a little bit colder temperature.
This is complicated by the fact that honey has some compounds in it that can catalyze the caramelization reaction, make it run faster. And, some of the *products* of caramelization also catalyze the reaction! So even at a fixed temperature, the more caramelized the sugar gets, the faster it caramelizes.
In table sugar, this can result in you going from a nice complex caramel to a pot full of charcoal in a minute or so! You have to be ready to quench the caramel at a moment's notice.
Fortunately, honey has fructose in it, which caramelizes at 110C. Which means you barely have to get it above the boiling point to make it into caramel, and the reaction is much more controllable.
Edit: Of course, you have both glucose and fructose in honey, and the latter would be charcoal by the time you got the honey hot enough to caramelize the former. So only part of the honey can actually caramelize under normal circumstances. I wonder if this changes the flavor profile of the caramel relative to caramelizing sucrose, which is a disaccharide combining fructose and glucose in one molecule, and both get caramelized? Might be interesting to try caramelizing some isolated fructose and glucose.
I did mine in a slow cooker, which could barely get the honey hot enough to do anything, and it was only really caramelizing along the sides, where the heating elements were. Took about 5 hours to get where I wanted to be. (Testing flavor; It was dark honey to begin with, color would have been useless as a guide.) And, while I didn't take any temperatures, I did experimentally drop a bit of water in from time to time, and never got any steam explosions. In fact, when I got it where I wanted it, I quenched it by pouring in a thin stream of water while stirring vigorously, and had no problem with it. I did that because I didn't want the dehydrated honey to turn into rock by cooling too much before it was re-hydrated.
If that pot was above boiling, it sure wasn't much above it.