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I sent this feedback, then wondered if I was missing something:
I would like to be able to see my "Favorites" just like I can see my Presets, so I can see what they actually do. In some cases, it was a while ago that I set them up so I don't always remember. I know I can save Favorites as presets (painfully, extra work; it would be cool to have a checkbox that would let me optionally save in both places), but I don't use them the same way. I use my Presets for settings I'll want for a long time, and Favorites for effects I either use very frequently (often also saved as a Preset) and for effects specific to a project (eg vocalist eq). Sometimes I find that I like a project-specific Favorite effect well enough to keep it as a Preset, but I can't, nor can I see what it specifically does. So, please make these visible and editable and saveable a standard presets, and maybe even link them.
Please tell me if I missed part of the boat on this...
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There are two parts to this. First when you save your custom Favorites always give them a name that represents what they are or do. This will help you immensely keeping track of what does what.
Secondly you can quite easily convert a Favorite into a Preset. To do so you just apply your Favorite to some audio and immediately after open the actual Effect that the Favorite applied. All the Effect settings will be what the Favorite did. So all you have to do then is save it as a Preset from within the Effect's pane.