Yes. Just select the item in your favourites folder, and click the Minus sign underneath. This deletes the link and the thumbnail in the Collections folder. It doesn't delete the original files in their runtime folder, wherever that may be.

"If I were a shadow, I know I wouldn't like to be half of what I should be."
Mr Otsuka, the old black tomcat in Kafka on the Shore (Haruki Murakami)