Well, seeing monsignor is translated as "My Lord" (and that is how you address a bishop) I don't see as it makes much difference.
But yes, you are right, it is an honorific title. Many years ago we had a parish priest who went by the title, Monsignor.
So is this to say that all bishops may be addressed as "Monsignor", whether they have been made members of the papal household or not? You will sometimes see all of the SSPX bishops as well as ex-SSPX Bishop Williamson referred to as "Monsignor", yet none of them (as far as I am aware) ever received this title from the Pope.
Along these lines, I also recall that Bishop Patrick Taylor (
requiescat in pace) of the Society of the Virgin Mary (Beckley, West Virginia) at one time referred to himself as "Archbishop Taylor", then at some point he began referring to himself simply as "Bishop Taylor". Did he "demote himself" for some reason? Obviously he had no mandate from Rome to refer to himself as either archbishop or bishop --- he simply received episcopal orders from schismatics and proceeded to function as a traditional Catholic bishop. My son and I passed through Beckley this past Easter and were considering arranging our trip so that we could be back through Beckley for the TLM on Easter, but we drove out by Bishop Taylor's chapel and it was evidently closed, it had a "for sale" sign on it and was listed on MLS (real estate listings). This was several months after he died. Does anyone know what has become of the SVM since Bishop Taylor's death?