Favourites are places that you go often. You can create Favourites so that you don’t have to enter the address every time you want to navigate there. They don’t have to be places you like, just useful addresses.
Points of Interest or POIs are interesting places on the map. Some examples could be restaurants, hotels, museums, parking garages or petrol stations.
To see how to transfer your Favourites to a new map, see How do I transfer my Favourites to a new map?