Yes. Favoriting works on albums and catalogs, not just tracks and artists.
How to save an album or catalog
Open any album or catalog page.
Select the heart icon.
Where saved items appear
Saved albums and catalogs are grouped into their own tabs under Profile > Likes:
Albums → Profile > Likes > Albums
Catalogs → Profile > Likes > Catalogs
Liked tracks and artists remain in their existing tabs. Nothing you previously liked is affected.
If a saved album or catalog doesn't appear where you expect it, contact support or ask to speak with someone who can help.