The book that comes with the physical copy for PC mentions using 1-8 for hotkeys to select weapons, however it doesn't work the same way oblivion did. So I wanted to write a quick guide on how to use this method of quickly changing weapons/spells.
The directions in the book are poorly worded and I think have a few errors but after some tinkering I figured it out.
For this example I'll use two swords, a shield, fire, and heal for our items/spells. First you have to favorite them by pressing F in the items/spells menus. Then you press Q in game to bring up the favorites menu. Now I love dual wielding so I'm going to L-click and R-click on the sword to put on in each hand, then while I still have the sword selected if I press 1 that assigns that combo to 1 key any time I press it I'm now dual wielding swords. Now comes the tricky part the sword is labeled with a 1 so I can't assign another key to it, but if I put my shield (or any other weapon) in my left hand and press 2 (while that item is highlighted) it will give me a sword/shield combo when ever I press the 2. I can continue this by equipping the heal and pressing 3 and then fire by pressing 4 (while keeping that item highlighted). Want to add a great sword or bow select it and press your desired key.
This function basically allows you to set up your equipped weapons and spells. It probably works the same way with armor (I don't change my unless I get better so I didn't try) or arrows (again I like to hit things so I didn't experiment with that).
The biggest thing you need to remember is you have to favorite the item and you can only assign one number to each item so it takes some work getting 2 handed combos properly set up. I'm not sure how to hotkey dual sword, dual fire, and then fire/sword (since that would lead to a double label on one fire or sword).
I'm sorry for any grammar/spelling mistakes I was up late playing this awesome game so I'm still a little tired.
Now go kill some dragons my fellow Dovahkiin!