Steps to reproduce:
Have multiple sites that use the same IP but a different port in your favorites. In my case, I have a bunch of services hosted on my rPi on my local network using the IP 192.168.0.132 and they are separated based on the ports they use, e.g., :8096, 8112, 9117, 7878 etc. (not necessarily the cleanest solution but it works for now). On macOS, Orion is easily able to assign each of them with the appropriate favicon (picture 1) whereas on iOS, all of them use the same favicon (picture 2), presumably the one I initially visited first. The favicon is not changed/updated if I visit any of the other sites using that IP.
Each favorite URL should have the appropriate favicon.
Orion, OS version; hardware type:
Orion 18.104.22.168 (WebKit 8622.214.171.124.7)
iPhone 12 running iOS 15.5