Yes, since SVG is XML, you can add an (x) html link element anywhere in svg:
<link xmlns="http://www.w3.org/1999/xhtml" rel="shortcut icon" href="favicon.ico" />
There is absolutely no need to wrap this in a foreignObject. I recommend placing the link element as a child of the <defs> element, although just to let svg engineers know that it can be skipped for actual svg rendering.
Note that this is not a “clean” svg, it is an xhtml / svg hybrid, but it should work in all browsers that support svg.
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