k3s has been running on my home server for about three years now (using the default SQLite backend), and there doesn't seem to be excessive CPU usage despite dozens of watches existing in the simulated etcd. Of course, this doesn't say much about Honker, but it's nonetheless worth pointing out that sometimes the choice of database forces one towards a certain design.
[1] https://github.com/k3s-io/kine/blob/648a2daa/pkg/logstructur...