The Honor/Honour mode is essentially a teasing mode:

Hey, are you up to a brand new challenge? if not, go play other modes.

Well, if you are determined to take this challenge, be warned: anything that cause your only save to corrupt or otherwise become unusable will bring an end to your adventure. Are you up to the new challenge? if not, go play other modes.

The whole idea about this new mode is no saves (well, since we are humans, even without life outside games, we still have to eat, sleep and use toilets at the minimum. So, Larian is generous enough to enable 1 save. This way, we can take a break and later resume our gameplay.)

I like how this mode is designed. Based on 500+ hours playing this game on Tactician mode, I have yet to see a game-over screen (meaning: I've never died. Or more accurately, my party have never got wiped out - even during my tests). I wouldn't be worried about bug-induced premature termination of a Honorable playthrough - the probability is way too low to be a real concern.

As reported by Larian on X, as of Dec 5, 2023 (just about a week after this new mode was made public), more than 480+ players worldwide were known to have completed the game in Honor Mode.