So, you're consuming a beverage that's, what...99.9% water and you're worried about dehydration?
Sweetie...no. I promise you, you are hydrating. The dry mouth feeling may be because of an underlying astringency to the tea itself, not because it's evilly pulling water molecules out of your cells.
Now, honey itself does have a pretty significant water content, but I don't consider it a part of the 'health benefits' of this particular sweetener. Honestly, I think the only advantage honey has over other sweeteners is the inclusion of trace minerals, enzymes and other nutrients. In other respects, it has the same pratfalls as any other sugar in regards to metabolism and should be consumed in moderation. Actually, unlike plain table sugar (sucrose, which a glucose and fructose molecule joined with a glycosidic linkage...which can easily be broken, rendering a roughly 50-50 concentration of the glucose and fructose) honey contains a sugar concentration with more fructose than glucose--rather like High Fructose Corn Syrup, which hasn't exactly been getting glowing coverage these days.
Bottom line...honey is a sugar, not a miracle elixir. Like most good things in life, consume it sparingly.