How does favourites work?

It is something I have not been able to figure out from U/I.

What I am looking for is a way to have two subscribed list. One containing high traffic magazines, like pics and meme related stuff and another to maintain a list of niche interests where traffic is low, but my interest is high.

The favourites function looked like may do that if I can figure out how to curate it.

(Edit spelling)