The meaning of honour that suits is to remember with respect or esteem.

Just a note on spelling honour is British English, honor is American English.

No it doesn’t, the soldier is saying “This our duty, to die for our Queen, for our country even if you are reluctant to let us do this it is at this time what we must do.”
There is an English song “I thou to thee my Country” that explores this sentiment.
https://www.youtube.com/watch?v=o6ZvylOSy5A

“ I vow to thee, my country, all earthly things above,
Entire and whole and perfect, the service of my love;
The love that asks no question, the love that stands the test,
That lays upon the altar the dearest and the best;
The love that never falters, the love that pays the price,
The love that makes undaunted the final sacrifice.”

The soldier is saying honour us for the sacrifice we are about to make in service of our country.

Depending on the context either could apply, or we could regard it as a little bit of one and a little bit the other.
It’s difficult to tell which from just your brief description and one line from the film.