Honduras Mahogany is “regular” Mahogany. With the technical name “Swietenia macrophylla”, it is the true genuine Mahogany and has been the gold standard for decades.
Current popular substitutions are Sapele and Sipo, both often referred to as “African Mahogany” or simply “Mahogany”.
In my experience, yes... there is a difference. I find genuine Honduran Mahogany to produce a more complex, sweeter tone than the others, as well as being lighter in weight.
Scooter
The original mahogany was "Cuban" (swietenia mahogani) that was used in the old Martin ukuleles possibly into the late 20s, and may have contributed to their superior tone. This small-leaf mahogany was then substituted with the "Honduran" big-leaf variety, which is now grown on plantations in Asia. But many ukulele (and also guitar) manufacturers have substituted similar looking African varieties (Sipo, Sapele, Khaya) that often are harvested by clearcutting and other poor logging methods, and can be marketed as "mahogany". They may sound fine, though some people can have skin reactions with them, and they can often be distinguished by their striped/figured look and other microscopic characteristic. If you want a mahogany instrument and you see intense ribbons or other figures then it's likely not mahogany.
I wonder how many people could discern the sound difference between a 1920 Martin and a 1930 Martin?
Oh! Did not know this, where did you learn about the kind of Mahogany used by vintage martins and which year did they stop using Cuban?...and if you look at an old Martin made with Cuban mahogany, which I never knew about before viewing my 1st 1920s Martin, the grain of Honduran mahogany is as different from Cuban mahogany as Sapele mahogany is from Honduran.