Would this be considered an Honor?

Having a high ranking is not the same as being awarded an honor/certificate/trophy.

So if your debate team placed say 6th in the Nation, and you and your team were commended on this achievement and received some trophy, award, or certificate, then that would be an honor to list. But if you are a member of a team that is nationally ranked, then that is more of an extracurricular activity that carries weight with college admissions officers more than scholarship judges.

For example, if you were a star running back on a football team that helped your team with the State championship, then your honor is that your team received a trophy for winning the State Championship. Your honor is not that you were on the football team. So if your team lost the State Championship, unless there is a 2nd place trophy, you wouldn't record your honor as coming in 2nd place. If you are that good of a player, then you will be considered a recruited athlete by the schools you are applying to and they will heavily factor in your contribution as it relates to their needs for a star running back. Similarly, if the college you are applying to has a really great debate team, they will take notice of your personal contribution to your HS debate team.