Finding out the preset for a favorite

Yes. If you go to the edit settings for favorites, find the one you've made in the list. The steps will be listed, and any step that starts with 'effect' gives you access to the particular effect used at that step. If you double click on that entry, it will open the effect, with the settings you used. If you want to, you can then save these settings as a preset or not - it's up to you. But all the time you have the favorite stored, you've effectively got a preset there anyway.