I have created a template file with all my furniture settings, layers, pen weights, walls, doors, windows, trees, plumbing, framing, notes, legends, roofs, slabs, meshes etc.
When starting a project the template file comes up and it is all set the way I like it. Elements are then cut, pasted, moved, copied etc to the new locations required on the new project. I think the same thing can be done with "favourites" however I am used to the template approach.
Furniture comes up with my default pen weights as well as all the other items required for the project.
In reality my template file is an old project that was fuly documented. Pieces of the template not required are deleted as the design unfolds.
This approach makes the process of starting a new project quick and set up to ones individual office standards.