That is why I don't bet on games where "draws" are at a high percentage of an outcome because it adds more difficulty in predicting the results of the game. But when it comes to other sports where there's always a winner, yes I might consider those points that you stated. It's not like the favorites will always win and in fact, many examples have already happened and this is where the doubt comes because the oddsmakers are trying to confuse us by using the odds as his weapon.
Still, it will depend on our knowledge of the sport that we are betting for however there are instances where we do have a choice that is already set but the odds will probably make us change our mind and one reason could be the very small profit that we will make when betting for the heavy favorites.