I have a really nice set of whittling knives from the time i was passionately experimenting with a borrowed knife.
Guess how much time i have whittled since acquiring that set?
In my defense apparently i missed out on a free tiny whetstone because i bought on a local farmers market rather the amazon page. From this i have convinced myself i need to master knife sharpening and maintenance skills first so i don't abuse my set.
So the fine edge of the blade can warp as you use it. The honing rod helps straighten that back out to improve cutting. The whetstone actually removes bits of steel in order to create a new edge. Honing should be done regularly, but using a whetstone to sharpen the blade is periodic.