In BSc physical science, you have to study PCM, advancing each semester. In BSc Physics honors, you basically have all the core physics (and just physics, except 2 papers in the first and second semester). So physics honors is like a more in depth knowledge into the subject. The time of completion of both the degrees is exactly the same.
If, after completing a BSc in Physical Science, you want to pursue MSc in Physics from any other university, you are well eligible to do that. Infact, all the premier institutes in the country like IITs, NITs, IISc, IISERs etc. allow it. So you’re good to go.