People are vastly underrating Bisping (as always) and overrating Vitor. This fight is a pick 'em... if it wasn't in Brazil, Bisping would be a favorite. He's a better wrestler and striker, he has much better cardio, and Vitor probably won't threaten him off his back.
Vitor is faster and could definitely swarm and finish him, but don't be surprised if he gets tooled for 25 minutes.
No. Bisping would not and SHOULD not be a favourite no matter where this fight takes place. Vitor has defeated top tier talents. Michael Bisping has not. Moreover, Mike is certainly not a better striker, and I question whether his take downs are even better than Vitor's. We also have no reason to believe that Mike can't be subbed. His wrestling and top control are rudimentary at best.
As for cardio, I've no idea why people keep bringing up Vitor's as though it's poor. He went four rounds with Jon Jones without gassing. We have more evidence of Mike's cardio being poor given he gassed against Mayhem.
Bisping tools cans and mid-tier talents, which is all well and good, but Vitor is neither. 'Number one contender' Michael Bisping will go the way of 'in shape' BJ Penn and 'motivated' Rampage Jackson soon enough.