Can I save a form element to use on another form?

I want to save one part of a form in my favorites / saved elements to use again on another form wothout re-creating it. 

You can use our Field Manager app for your purpose. You can easily copy fields from one form and then paste it into another one. 
There is no favorite fields feature in JotForm. You can create your own favorite forms to save field in them. You can get fields from them with using field manager whenever you want.