No, not entirely. An average question indeed has more upvotes than bookmarks (the new name of favorites). See below for some statistics.
Both vote types (bookmarks are stored as votes in the database) are used in different ways:
- You are expected to upvote a post when its content is useful and clear; most people use bookmarks to refer to the question later on. That includes situations where you think a post is actually bad and you want to check later if it is improved. (Though you can now follow the post, which is a better feature for this.)
- Upvoting requires 15 reputation, bookmarking just requires having an account.
- You can't bookmark answers; perhaps people didn't think it was a good question itself but did appreciate one or more answers.
A minor nitpick, but the question you linked to doesn't have 832 upvotes, it has a score of 832, composed of 841 upvotes and 9 downvotes. You can see that (if you have 1000 reputation) by clicking on the score.
Here is a question: Video lectures of mathematics courses available online for free with 588 bookmarks but only a score of 358; for another popular question: Thinking and Explaining the amounts (score: 331 vs. number of bookmarks: 330) are even closer than in your example.
It's possible to do some data analysis on the distribution of score vs. number of bookmarks with the Stack Exchange Data Explorer, but I'm not sure what to try. Suggestions are welcome in the comments. Here is some proof that the average question has a higher score than the number of bookmarks.
Here is a (log-log) plot of the number of times a certain score (yellow) or number of bookmarks (blue) appears, generated by this SEDE query:
So there are more questions with 1 bookmark than that there are questions with a score of 1, but for other 'counts' it's the reverse.