What I would like to do is quickly switch between two weapon set-ups:

1. Sword and Shield
2. Bow and Arrow

I know you can mark items as favorites but that seems cumbersome. Is there a fast way to switch between weapon sets?

Thanks in advance!

You can't do all three.

In the favorites menu, (when you press up on the D-Pad) you can actually make them to swap automatically.

Depending on what you want. Just press either left or right. It will give them either a 1 or 2.

not sure if this is what you meant and apologies if it is but when you have favorites set up you can hot key 2 things by holding down left or right on the d-pad so in your case a bow and a sword and while you have the hotkeyed sword equiped equip a sheild and those two will always equip together when you chose the hotkey for your sword unless you change it, thus you can quickly change between a bow and arrow and sword and shield fighting styles

If you have a bow or anything 2h and you clicked your favrioted 1h weapon a sheild will auto go in your left hand as long as thats the last thing u used with 1h