I agree there should be a better way of organising and recalling the rendering settings, but I'm not sure using a 'Favorite' would be the best solution.
The rendering dialogue box only has a few setting in that I would adjust between different renders. I spend more time turning on and off various SkyObjects and WindowLights depending on the position of the camera, and tweaking their levels in order to get the lighting to match a background photograph. A 'Favorite' on its own just wont help me enough to warrant setting it up.
I want something to help me manage everything at the same time preferably in one single dialogue box. The way it is set up at the moment has you chasing around multiple dialogue boxes - The Render settings, the 3D window settings, the Sun settings, the SkyObject settings, the SunObject settings, various individual WindowLight settings, various individual Light settings, and the Layer settings. Saving the camera position as a View helps with some of these, but the rest has to be changed manually.
The whole process needs a rethink as it is just too complex, takes too much time to set up, and there is too much scope for user error.