honor vs dignify

honor is a noun but dignify is not a noun.

Word	Noun	Adjective	Verb	Adverb
honor	Yes	No	Yes	No
dignify	No	No	Yes	No

As verbs, dignify is a hyponym of honor; that is, dignify is a word with a more specific, narrower meaning than honor:

Other hyponyms of honor include drink, pledge, salute, toast, wassail, ennoble, decorate.

honor (noun)	dignify (noun)
the quality of being honorable and having a good name
a woman's virtue or chastity
a tangible symbol signifying approval or distinction
the state of being honored