I use a keyword, NotFav, with the shortcut, x. You can use the Keyword Manager, command-K, to create the keyword and the shortcut. The shortcut will appear in the filter at the top right of the thumbnail view. If you haven't used keywords, you can learn more here:
Add keywords in Photos on Mac - Apple Support
When I get a bunch of new pictures in an album, maybe called "NEW," I make a Smart Album with the criteria ("Album" "is" "NEW") and ("Keyword" "is not" "NotFav") . Then I go through the pictures and type x when I see a picture I do not want to be a favorite. That picture gains the keyword NotFav and so will disappear, but it's still in the NEW album. Then I go back and do it again with the remaining ones until I only have the best pictures left. Then I select all and hit the "period" to make those favorites.
Now all my pictures have either a heart or a NotFav keyword. Both of these are listed in the Filter section. To double check, I have a Smart Album to find pictures that may have both, or have neither, so I can fix them.
This works very well for me.