Break uncooked spaghetti into thirds before dropping it into salted boiling water. Cook according to package directions. Drain.
Meanwhile, in a microwave-safe dish, heat the canola oil, sesame oil, and red pepper flakes together in the microwave for 60-90 seconds to heat through. Whisk in the honey and soy sauce.
Add the drained spaghetti to a serving bowl. Pour dressing over hot noodles and toss to combine. Cover and refrigerate at least two hours, up to several hours, until chilled thoroughly and until the noodles have absorbed the flavors of the dressing. Just before serving, add cilantro, peanuts, green onions, bell pepper, and sesame seeds. Toss to combine and serve.