Yes, but you will have to deduct 2.5 percent from your actual best of 4 percentage. This is because you want to pursue a subject you didn't have in class 12.
With that said, there is another requirement for Honors in Commerce, which is Maths. And since you have that, there is no problem there.
Now, your effective percentage is 89.5 percent. Do keep in mind that while checking cutoff for Honors in Commerce course, you will use this percent and not 92 percentage and then apply to colleges accordingly. If you are a general category student, I wouldn't keep your hopes very high when it comes to top colleges, but still you are in with a chance.
Good luck.

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