Favorite formats are like presets or bookmarks. You can apply them when in a folder, or copy them over other formats, but no link to the Favorite is maintained and no inheritance happens.
If you want inheritance, you would normally use the Default formats and User Default format, possible having other, more specific formats which add to them but are set to inherit columns from other less specific formats.
Or, if you want a custom format to be used for multiple folders, you would normally define a wildcard path format which matches all those folders, so there's still only one format definition.
Or, if you just want to change how all folders are displayed at once, see Folder Formats: Quick Guide.