I have tried what was described in OP a couple of times. Sometimes it works. Other times, it doesn't. And that's probably how sports betting or life in general is in that we can't always get what we want or win our bets. But it's a fun experiment I try from time to time—just go on bookies site and pick 2-3 favorites and yolo it.
~Snipped
This is not true because the person cannot be perfect all the time and the favorites can not allows win.
Yes. Its only in an ideal world that a gambler will be right all the time. Since we don't live in an ideal world, even the gamblers that make thorough analysis to puck favorites still get to lose too.
The thing with picking favorites is how it could be viewed by nobice gamblers as a safer way to get money, rather than doing their own analysis and figure out whether it is the best strategy to pick the favorite or not.
Actually, someone who has never bet on sports before and log into a bookie is likely to pick the favorite of the match, because such person does not seem to be interested at searching deeper on what could happen during the match or does not have any specific information on the statistics of both teams, they simply go for one it is perceived to be the most likely winner. Undoubtly, it is an strategy which won't give any money consistently, otherwise, further analysis would not be necessary for professional bettors to exist.
Needless to say, always picking favorites will lead to losses if ones does the same all the time.