You should be able to customize the favorites text. I believe there is a setting in there somewhere to set the list label.
If you want something custom then you could build your own favorites functionality pretty easily using a checkbox or switch that fills a user specific column. Then you can build a choice component in the horizontal segmented layout and use it to hide or show different filtered lists depending on the choice. This post doesn’t have exact examples, but should give you an idea of what I’m talking about: