[[ZSH & Bash (untested) ]] Favorites shell functions to manage symlinks in .local/share/favorites. These functions allow you to easily add and remove symlinks to your favorite directories. The cd command is wrapped to follow symlinks when navigating favorites. Note that it's shell-agnostic at least for zsh and bash, but it hasn't been tested in…

favorites.zsh

# Favorites
favorites="${HOME}/.local/share/favorites"
if [[ -n "${ZSH_VERSION}" ]]; then
  cdpath=("${cdpath[@]}" "${favorites}")
elif [[ -n "${BASH_VERSION}" ]]; then
  CDPATH=("${CDPATH[@]}" "${favorites}")
fi
favorite() {
  local current_dir="${PWD}"
  local favorites_dir="${favorites}"
  local basename="$(basename "${current_dir}")"

  if [[ ! -d "${favorites_dir}" ]]; then
    echo "${favorites_dir} doesn't exist"
  elif [ -e "${favorites_dir}/${basename}" ]; then
    echo "Favorite already exists: ${basename}"
  else
    if ln -s "${current_dir}" "${favorites_dir}/"; then
      echo "Favorite created: ${basename}"
    else
      echo "ERROR: unable to created: ${basename}"
    fi
  fi
}
unfavorite() {
  local current_dir="${PWD}"
  local favorites_dir="${favorites}"
  local basename="$(basename "$current_dir")"
  local target="${favorites_dir}/${basename}"

  if [[ -L "${target}" ]]; then
    if \rm "${target}"; then
      echo "Favorite removed: ${target}"
    else
      echo "ERROR: unable to remove ${target}"
    fi
  else
    echo "${basename} not found in ${favorites_dir}."
  fi
}
cd() {
  [[ "${1}" == "--" ]] && shift
  [[ "$#" -gt 1 ]] && { echo "too many arguments" >&2; return 1 ; }
  local target="${1}"
  local symlink cd_cmd
  local favorites_dir="${favorites}"

  if [[ -n "${ZSH_VERSION}" ]]; then
    cd_cmd=( "builtin" "cd" )
  elif [[ -n "${BASH_VERSION}" ]]; then
    local cdpath=("${CDPATH[@]}")
    cd_cmd=( "cd" )
  fi

  case "${target}" in
    "-") "${cd_cmd[@]}" - ; return ;;
    "") "${cd_cmd[@]}" ; return ;;
  esac

  for dir in "${cdpath[@]}"; do
    if [[ "${dir}/${target}" == "${favorites_dir}"* && -L "${dir}/${target%%/*}" ]]; then
      symlink="$(readlink -f "${dir}/${target%%/*}")"
      [[ "${target}" == *"/"* ]] && local subdir="${target#*/}"
      "${cd_cmd[@]}" "${symlink}/${subdir#*/}"
      return
    fi
  done

  if [[ -d "${target}" ]]; then
    "${cd_cmd[@]}" "${target}"
  elif [[ -e "${target}" ]]; then
      "${cd_cmd[@]}" "$(dirname "${target}")"
  else
    echo "${target}: No such file or directory" >&2 
    return 1
  fi
}
unset favorites

Made changes so it should™ work on bash as well as zsh, still not tested on bash.
Fixed issues where cd lost functionality, like cd -

Fixed more bugs, including cd to non existent targets inside the cdpath, and cd to folders inside symlinks in cdpath and more issues