Preheat the oven to 425°F (220°C) and arrange a baking rack on a baking sheet.
If needed, cut large chicken breasts in half lengthwise and pound each piece to 1/4-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 black pepper until combined.
In a second shallow bowl, beat the eggs with 1 tablespoon hot sauce until smooth.
Place crushed cornflakes in a third shallow bowl; add the olive oil and work it in with your fingers until the flakes are evenly coated.
Dredge each chicken cutlet in the flour mixture, shaking off excess, dip into the egg mixture, letting excess drip off, then press firmly into the oiled cornflakes to fully coat both sides.
Transfer the breaded cutlets to the prepared rack on the baking sheet in a single layer and repeat with remaining pieces.
Bake for 20 to 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 (if using), 1 teaspoon red pepper flakes (if using), and 1/2 teaspoon salt in a small saucepan; warm over medium heat until butter melts and sauce is simmering, then reduce heat to keep warm.
When the chicken is done, drizzle the hot honey sauce over the cutlets, sprinkle with chopped fresh thyme, and serve any extra sauce on the side.