BuddyPress.org

Can you explain precisely what you want to do ?

Where is this activity from ['type'] == 'featured' ?
To use the meta favorite_count, you need the activity ID

For example:
$my_fav_count = bp_activity_get_meta( bp_get_activity_id(), 'favorite_count' );

Also, please, avoid mention me each time you have an issue, i’m not here for you only. 😉