I think they are 2 different lists, aren't they ?
My favorites in control panel ---> a list of *all of* my favorited items (for instance, here: the category "Q2A Core" , that is 1 macro item).
My favorites in "My updates" ---> a list of *recent* updates (for instance, here: the recent updates done in the category "Q2A Core", that is a list of questions)
Or the issue is the label on it ?