Rust on the brake discs is another reason I mostly use D. Light disc rusting can form quite quickly in damp weather .Especially on cars that are not used every day. Brakes benefit from some use to help clear this rust before it starts to cause permanent pitting on the disc and other problems . I am habitually gentle on the brakes, so even in D mode I sometimes have to deliberately brake hard a few times to ensure the rust is cleared. In B mode there is an increased chance brakes wont get used enough ,or even at all on some trips. .
The online manual page 403 says Drive D is "used for normal driving " . Drive B is " Used when driving down a long hill and to increase regenerative braking" . You could argue why wouldnt you want more free energy ? But I interpret it as meaning D is normal, B is an exception, but its your choice. But if the B level of regeneration is always best, why do Honda even offer a choice of D mode ,and regard it as 'normal' .
I dont think brake lights come on unless you actually use the brake pedal. Retardation in B mode is not considered quite severe enough to require brake lights . But even in D mode I dont always trust the driver behind to be alert. I sometimes ensure my brake lights come on early as a wake up call. Although you can do this in B mode as well, I find the slow reactions of other drivers bad enough as it is,without increasing how often they may be taken by surprise .