The Reynolds number only gives the relative importance of inertial effects to viscous effects:
$$\mathrm{Re}=\frac{\rho u u}{\mu u/l}=\frac{\rho u l}{\mu}$$
It doesn't say anything about the relative importance of viscous effects to surface tension effects which are typically what causes the Plateau-Rayleigh instability. This ratio is known as the Capillary number:
$$\mathrm{Ca}=\frac{\mu u/l}{\sigma/l}=\frac{\mu u}{\sigma}$$
I would think that as long as surface tension effects are significant, i.e. $\mathrm{Ca}\ll1$, the PR instability will occur even for low Reynolds number flows as viscosity cannot effectively dampen the surface pertubations.
From this wiki article:
Honey is sufficiently viscous that the surface perturbations that lead to breakup are almost fully damped from honey threads. This results in the production of long filaments of honey rather than individual droplets.
and:
The pitch drop experiment is a famous fluid breakup experiment using high viscous tar pitch. The rate of breakup is slowed to such a degree that only 11 drops have fallen since 1927.
There is your answer on honey, but it doesn't mean that every low Reynolds number flow does not show fluid thread break-up as shown by the pitch drop experiment.