That's how most bettors bet on favorite team. For me, betting on favorite team doesn't mean that you have to allow your self lose your money intentionally. If there's a match between my team and another team and I see that the other team is definitely going to win my team, then I will have to bet against my team because I think they don't have the capacity to win the match but if it's a match that I know they are supposed to win, I will bet on them.
Looking objectively and having to be honest with yourself about who is superior,
If you remain selfish and choose your favorite team that is far behind in terms of data on the field, then loss will definitely occur.
I would probably stop not betting if my favorite team meets a stronger opponent, but to overcome the panic it might be as you say,
betting on an opponent would probably be a good option because what we are looking for is winning bets, not entertainment and then losing money.