Honey contains water. It also has water- attracting properties that tend to make baked goods moister. Leaving an alcoholic beverage out of a recipe that calls for it won't affect the flavor too much. Omitting alcohol will omit any flavor transmitted by the beverage. But, it will also decrease any other flavors that are carried better by alcohol than by water or fat.
Chemical compounds dissolve differently in each liquid.
Substitutions can often be made for anyone following an alcohol- free diet. There are also many nonalcoholic wines, both white and red, available to use in dishes like beef burgundy.