In a recent version update Audition seemed to lose the ability for a new recorded favourite to work on a selection, or generate things at the location of the playhead. The favourites recorded in previous versions (when they were called scripts) still work, but no new ones can be created (which suggests that the software is still there but a piece of the interface has been lost).
In the current version when creating or updating a favorite only fixed absolute time periods and ratios are able to be worked on - which is useless unless you are working on exactly the same length audio file every time!
There is more detail in this thread: https://community.adobe.com/t5/audition/unable-to-make-recorded-favorite-act-relative-to-playhead/m-p/11366757?page=1#M24691

@Durin G