A workaround: go to one of the contact you want to “favorite” (tap on their pictures, not names) and tap “Groups”. Now as the last item on the list you’ll see “Add to a new group”, let’s tap on that. Now just name your group “Favorites” or whatever you want. Your favorites tab will display in contacts app (youll have to swipe right, see the screenshot). You’ll now have to add each of your favorites to the list individually.
Another very classic method is to add any symbol, number or just the letter A in front of your favorite contacts names - this way they would show up on the top of the normal contacts list, not only in a separate tab. This was cool 10 years ago in the Nokia days but Ive seen some of my friends still use it… [emoji13]