In a large bowl, combine buttermilk and hot sauce. Add chicken pieces, coat well, cover, and refrigerate for at least 1 hour (or overnight for best flavor).
Preheat oven to 425°F (220°C). Line a baking sheet with parchment paper and set a wire rack on top. Lightly grease the rack.
In a shallow dish, mix panko, crushed cornflakes, Parmesan, smoked paprika, garlic powder, onion powder, salt, and pepper.
Remove chicken from marinade, shaking off excess. Dredge in breadcrumb mixture, pressing to coat thoroughly.
Place coated chicken pieces on the prepared rack. Drizzle lightly with olive oil or melted butter.
Bake for 35–45 minutes, until golden brown and crispy, and internal temperature reaches 165°F (74°C).
While chicken bakes, prepare hot honey sauce: in a small saucepan, warm honey, hot sauce, butter, and red pepper flakes (if using) until smooth.
Drizzle or brush hot honey over crispy baked chicken just before serving.