I noticed the original post was edited in April 2021, so thought i'd reply.
If you were to add honey to a lip balm, which is water soluble, then you might need an emulsifier. Apparently honey in small amounts mixes well with lanolin and acts as an emulsifier. Ive also read that honey isn't really a good ingredient for lip balm and neither is anything that needs an emulsifier. There are conflicting articles all over the net.