Is it possible to arrange alphabetically the items in my favorites on the home page?

In your favourite's list (in the app) @bhbeck - click the icon marked with red arrow below to see the sort options - if on the full app in Mac/Windows (I think default is frequently used):

If you are on your iPhone or iPad (and in the app) on the home page just 'press and hold' on the word favorites to get the same menu up as shown above.