I don't think the fact that Favre threw a lot of picks has anything to do with Rodgers holding onto the ball too long. If anything, it seems like that should make Rodgers a little more inclined to throw into tight spots. If Favre had been a QB who took few risks and threw few interceptions, then I would understand Rodgers being more conservative.
I think this is just the way that Rodgers plays, and in addition, he has not adjusted well to the awfulness of the O-line this year.