Verifique se a linha existe, Laravel

$user_favorites = DB::table('user_favorites')
    ->where('user_id', '=', Auth::user()->id)
    ->where('item_id', '=', $item->id)
    ->first();

if (is_null($user_favorites)) {
    // It does not exist - add to favorites button will show
} else {
    // It exists - remove from favorites button will show
}