That argument does hold water but it would never provide enough honey for the market. It would necessarily require a vast reduction in the demand for honey to allow sustainably sourced honey to meet that demand.

In a perfect world I think this could be true. Small scale backyard beekeeping with native species, where I only take the surplus the bees themselves don't use, where queens are left alone and drones are allowed to reproduce in their own pace. The problem is: That's not how it's done on the industrial scale at all. So even if you had such a bee utopia in your backyard and could replace all your sugary needs with that, as long as the well being of bees is of interest to you you'd probably still refrain from buying products that have honey in them. In a capitalist society companies will always use the cheaper stuff, and that comes almost exclusively with massive animal exploitation.