I may have found a slightly simpler method for this without having to keyword the favorites.
If you make all your favorites and change the names to the labels you want, you can click the Clip Filtering drop-down and change it from “All Clips” or “Hide Rejected” to “Favorites“. This will show you a copy of the clip for each instance where you marked a favorite and those will be searchable (see screenshots).


The only drawback is you still have to expand the clip name to see the favorite inside of it, but I think this still lowers the number of steps you have to go through overall. I hope this helps someone out. Good to know I’m not the only one out there facing this issue.