Unfortunately this is the only way (that I know of).
What I did was delete them all and then save a favourite file with just one empty fill favourite (you must have at least one favourite).
Now if I need to delete them (so I can create new favourites and save just those new ones) I load this empty fill file and 'replace' it with the existing favourites.
This allows me to save individual or small groups of favourites that I can 'merge' into any other file.
This of course all changes with version 20 where we will have much better control over the favourites.
Attached is an "empty fill" favourite that I saved in version 15 so you should be able to use that in any newer version. You will have to unzip it.
Barry.
One of the forum moderators.
Versions 6.5 to 27
i7-10700 @ 2.9Ghz, 32GB ram, GeForce RTX 2060 (6GB), Windows 10
Lenovo Thinkpad - i7-1270P 2.20 GHz, 32GB RAM, Nvidia T550, Windows 11