Can we can the wedding favors?

Definitely. So many people say that cost is a concern for food, open bar and dj, plus photo/video. So take the money you would spend on favors and put it toward those.

Plus many guests don’t even take edible favors which is a waste of money.

I think it depends on what the favor is. I see a lot of brides asking for “cheap/inexpensive” favor ideas. But if the favors for your guests are purchase with the leftover change in the budget, then PLEASE skip them.
Our reception is on a rooftop and it’s cocktail style. So, we hired an artist who paints quick 5-minute watercolor portraits of guests. So it’s a mix of entertainment and also a keepsake favor for guests to take home.