We had to make a similar, but not identical, choice for my DD. She got into Michigan, which is a highly ranked public university, and ASU Barrett Honors. She picked Barrett and I’m glad she did. I love my alma mater (Michigan), and if things were equal costwise ($190K difference too), it would be a tougher choice. But the experience you get from the extra attention at an honors college, the first pick of classes, special dorms, and research opportunities make an honors college special.
UMASS Honors has a very good reputation according to publicuniversityhonors.com. I know the school as a whole has really stepped it up in the past few years.
It would be hard for me to justify an extra $192,000 (likely more with the way college inflation works) for my kid to go anywhere else, even Cornell. If he wants to go to UMASS, what would your hesitation be? Think of what you or he could do with that extra money. Fund grad school, a car, a down payment on a house, and 6 months post graduation traveling. Wouldn’t you rather invest it in him directly than a college?