I have favourites, within reason. If I think about it too hard then I can see how anything I cite as my favourite is something of a distortion of reality, because there are always caveats and provisos, but as long as my answers don't have to be the perfect truth (and they very rarely have to be in this world), I'm comfortable with citing favourites.
Favourite colour makes little sense to me because there really isn't any one colour that reaches me that way.....similar for names, football teams etc........but there will always be stuff that I like more than most other stuff in the same category. And I prefer to say that a thing is "a favourite of mine" rather than "my favourite" because the latter implies that no other can possibly attract me anything like so much, which is usually untrue. "All-time favourite" is even worse, because it implies that time cannot alter my preferences.