For setting the favicon, site title, and tagline of the website, you have to navigate through

Dashboard >> Appearance >> Customize >> Site Identity.

Site Title

Site Tagline

Site Logo



The favicon can also be added on the same page, it’s the WordPress default option, and you can use image size 512*512 for it.
A favicon can also be added as favicon.ico inside the root folder of WordPress Installation.

Update on June 13, 2022