I have checked the manual and cannot find anything that is helpful. Only the channel "directory" hasn't downloaded onto the interface.
You can go into Controls and delete every setting/profiles/etc. For Favorites, press and hold any one for about 5 seconds and a "x" will appear on all favorites. Overall, I feel this is a bit of an interface issue.
I can suggest that using voice control on the steering wheel and saying "Satellite Channel" followed by the number you can jump to a specific channel and the add that channel to your favorites by pressing the heart, but that is not what everyone appears to be looking for as a solution in this thread.
It is disappointing that Tesla has not as of yet addressed the concerns raised in this forum and I am surprised to read the release notes that talk about how this media interface is so wonderful.
With access to the internet, the XM media player could take advantage of XM program guide data and display the currently playing programs on channels, or even show the upcoming programs on each station.