The Finder is probably the most used App in the macOS by most people. You pretty much have to interact with the Finder for most things you do on the Mac. Unfortunately, most Mac people leave the Finder in its default state when they get a new computer. There are ways to make the macOS Finder more useful, Favorites is one of them.
The typical Finder sidebar looks something like this.
I have made a couple of modifications, but most people make none. I have a folder down in my Documents area containing several Panorama databases that I use for various things.
Whenever I want to access one of these databases, I have to drill down through Finder layers to access it. It would save me a lot of time if this folder was in the Finder sidebar. All you have to do to accomplish that is drag it with your mouse into the Favorites area of the Finder sidebar.
Now when I need to access one of these database files all I have to do is click on the folder in the Finder sidebar, and I am there.
That is all there is to it. Obviously, you want to avoid having your Finder sidebar too cluttered, so just put folders over there that you use frequently.
Most Mac people treat the Finder as a static item, but it can be customized to help your daily workflow.