My iPhone is on the current version iOS (Sep 2023). The issue with re-ordering favourites seems to be that they are always shown in ‘distance from current location’ order - no matter how you rearrange them yourself.
I’ve proved this by going on holiday 400 miles from ‘Home’ and my Home, and other favourites near to where I live, are now at the very end of my list, and I have not changed anything in the order myself.
This has only started in the last year, so Apple Maps updates have changed something in the way this works.
Either restore users’ ability to change their favourites order - or, if the order is to continue to be by distance and controlled by the App, then take away the three lines and ability to drag/change the order in ‘Edit’ and remove the help files that tell users they can make changes and ‘Home’ is always first in the list.
ZanneF