Some forms of religion take this salutation and make Mary out to be some kind of god, a deity to whom we must pray, who also redeemed us.
That is not true.
She is "blessed among women", not above women.
But it gets better.
Did you know that we are all as favored as she was, those who believe in Christ Jesus?
Paul writes to the Ephesians:
"To the praise of the glory of his grace, wherein he hath made us accepted in the beloved." (Ephesians 1:6)
"Accepted" in the above passage and "highly favored" are the same word!
For Mary, she carried the Savior of the world within her.
For us, the Savior of the World carries us with Himself!
Indeed, like Mary we are highly favored in the Beloved!
Think about it.
Mary was so favored, that God's own Angel reached out to her and said that within her, the Savior of the World, Immanuel, God With Us would reside.
Think about that!
And her status is ours today!
We are highly favored in Christ Jesus!
If that does not move you to great joy, I don't know what will ...
Every day, we have our Daddy God saying to us: "Hail, you are highly favored in my Beloved Son!"