Preheat the oven to 425°F (220°C). Line a baking sheet with a rack and set aside.
If breasts are large, cut each in half lengthwise and pound each piece to about 1/4–1/3 inch thickness; season both sides with salt and pepper.
In a shallow bowl, whisk together the flour, brown sugar, 1 teaspoon garlic powder, smoked paprika, 1/2 teaspoon salt, and 1/2 teaspoon pepper until combined.
In a second shallow bowl, beat the eggs with 1 tablespoon hot sauce until smooth.
Place the crushed cornflakes in a third shallow bowl; stir in the olive oil and work it in with your fingers so the flakes are evenly coated.
One at a time, dredge each chicken cutlet in the flour mixture, then dip into the egg mixture allowing excess to drip off, and press firmly into the cornflakes to fully coat both sides. Transfer to the prepared rack; repeat with remaining cutlets.
Bake the breaded chicken on the rack in the preheated oven for 20–25 minutes, or until an instant-read thermometer inserted into the thickest part reads 165°F (74°C).
While the chicken bakes, combine 1/2 cup honey, 1/4 cup hot sauce, 2 tablespoons butter, 1 teaspoon garlic powder, 1 teaspoon cayenne (optional), 1 teaspoon red pepper flakes (optional), and 1/2 teaspoon salt in a small saucepan; heat over medium until warmed and slightly thickened, then reduce to low to keep warm.
When chicken is done, drizzle or brush the hot honey sauce over each piece, garnish with chopped fresh thyme, and serve extra sauce on the side.