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My Approach was also correct but the only problem was we were missing is that resetting the query before the Post navigation links. Here is the updated Answer.

  <?php $user_fav = get_user_favorites($user_id); 
    $paged = ( get_query_var( 'paged' ) ) ? get_query_var( 'paged' ) : 1;
     $args = array(
      'posts_per_page'   => 4,
      'post_type'        => array('communityposts','post','video'),
      'post__in'         => $user_fav,
      'post_status'      => 'publish',
      'suppress_filters' => true,
      'paged'            => $paged,
      'order_by'         => 'date',
      'order'            => 'ASC' 
    );
    $wp_query = new WP_Query( $args );

    if( $wp_query->have_posts()):while($wp_query->have_posts()):$wp_query->the_post();

  ?>

  <article class="post-items-latest">
    <a href="<?php the_permalink(); ?>" title="<?php the_title(); ?>">
      <span class="image-wrapper">

        <?php
            $thumb = get_post_thumbnail_id($post->ID);
            $img_url = wp_get_attachment_url( $thumb,'full' ); //get full URL to image (use "large" or "medium" if the images too big)
            $image = aq_resize( $img_url, 226, 117,true,true,true); //resize & crop the image
          ?>

          <?php if(!empty($image)): ?>
            <img src="<?php echo $image; ?>" alt="<?php the_title(); ?>" width="226" height="117">
          <?php else: ?>

            <?php if (has_post_thumbnail()): ?>

          <?php the_post_thumbnail( 'large'); ?>

            <?php endif; ?>
          <?php endif; ?>

      </span>
      <h1><?php the_title(); ?></h1>
    </a>
    <div class="post-footer">
      <span class="user"><i class="fa fa-user"></i>&nbsp;<?php echo get_the_author_link(); ?></span>
      <span class="data"><i class="fa fa-clock-o"></i>&nbsp;<?php wp_days_ago_v3(); ?></span>
      <span class="likes"><i class="fa fa-eye"></i>&nbsp;<?php echo $meta_values = get_post_meta( get_the_ID(), 'cv_post_views_count', true ); ?> </span>
    </div>
  </article>

  <?php 
    endwhile;
    endif;
  ?>
  
  <div class="post-nav-container">
    <?php previous_posts_link( __('&rarr; Older Posts')); ?>
    <?php next_posts_link( __('Newer Posts &larr; ')); ?>
  </div>
  <?php wp_reset_query(); ?>