Does being honest about cheating make it better?

So recently my boyfriend confessed to me that he slept with another woman who he once use to talk to months ago when were talking as well but we weren’t official at the time. It turns out that him and this woman stopped talking for a while up until now apparently and the first thing he does is invite her over to his home while I’m not there and sleeps with her and he thinks telling me about it makes it better. He even told me that he would like for us to meet one another so that we can have a three way relationship or even a threesome because he doesn’t want to lose me by being dishonest about and have me finding out about this woman on my own but honestly, I still don’t feel too great about it. Like yes he told me but only after he did it. Why did he even get back in contact with her behind my back when he knows him and I have become official? who knows who else she’s sleeping with or has slept with when they weren’t talking. That means he could possibly be bringing some kind of std into our relationship. I’m torn and I don’t really know what to do or how to respond to it.
Does being honest about cheating make it better?
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