When I right click in a folder I can find the " Add to Favorites " under folder options, But I can’t find it in the (right click) context menu of files. Is it a bug ? or I’m missing something ?
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Same issue in UE5.3.2.
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It looks like a bug. From the UE5.3 documentation:
To add a folder or Asset to your Favorites, right-click it, then select Add To Favorites from the context menu.
UE5.3.2 here
It works only for folders 
On EA5.4.4, it seems that suddenly in the Content Browser, the Favorites list was emptied, and option to add Favorites disappeared from the context menu (mouse right click, add to Favorites is not shown on both Folders and Assets). Even though the Content Browser setting has view: Show Favorites enabled.
I may have tempered with the \Config\DefaultInput.ini before the Favorites were lost.