You can add an extra point to the "..."-menu of any object (album, playlist, artist etc.) which takes the respective songs which are marked as favorites within this object and puts them into a new playlist.
For example: I have already marked the songs "Stronger" and "Power" of Kanye West as favorites. I could then click on the "..." which are shown on the artist page of Kanye West and click on the new option "Create playlist of favorite tracks" --> this would create a new playlist called "Favorites - Kanye West" which include the previously mentioned songs "Stronger" and "Power" (because they were the only songs I marked as favorites). This could also work within playlists, albums etc.