In the ServiceNow user interface, the Pencil icon is associated with editing or customizing an existing Favorite. In the traditional Application Navigator experience, selecting the edit option represented by the pencil allows a user to modify properties of saved Favorites, including the label/name, icon, and color . Therefore, when the requirement is specifically to change the label displayed for a Favorite, the Pencil icon is the appropriate selection.
The Star icon serves a different purpose: it is primarily used to add an application, module, or page to Favorites or to access Favorites. It does not represent the editing function requested in the question. The Triangle and Clock icons are not used for changing Favorite labels.
ServiceNow ' s current Next Experience documentation describes the equivalent workflow through Favorites > Edit your favorites , where a Favorite can be selected and its Name field changed. ServiceNow also confirms that Favorites can be customized by editing their names, icons, colors, and organization. ServiceNow
Study Guide Reference/Topics: User Interface and Navigation → Application Navigator → Favorites → Editing and Customizing Favorites → Favorite Labels and Icons.
