Start with setting up its defaults for effectively benefitting from it. First set up with what type of elements on the content you want to allow users to favorite, followed by customizing its icons and colors, if needed. App uses a red 'heart' as its default color and icon.
1. Admin > Settings > Favorite. The 'General' tab opens. Here, you can enable/disable the feature. Or you can disable it for chosen element types in the image below.
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Turn off: If you want to fully turn off the feature
Turn off by element type: To turn off for selected elements
2. Move to the 'Appearance' tab, and customize the icon and the color when users have favorited an item and when not.