Per the subject, is there a way to do this with Favorites? I’d like for members to be able to see what other members have saved their entries as faves.

Sort of

You can currently display the members that have Saved a particular weblog entry:
Favorites 2.1 Members Documentation

If you’re after something like a list of all of the Author’s weblog entries, along with Members who saved them, you could build a template that has a weblog entries loop in it, filtered by the author (probably have to have the authors ID in the URL to pull into author="{segment_3}" parameter)
Then have the Favorites:Members loop in place.