I reckon that too. The end of Season 3a the "I am the Alpha, I will ALWAYS BE THE ALPHA" is foreshadowing something big, he still has lots to teach Derek and even more for Lydia and Scott. He's always a few steps ahead of the group which gives a mystery element. He's never going to go into a fight he can't win and would rather be a subordinate if that means he'll live
Back in Season 1, he was my favorite character. I didn't like Peter being a villain and the animation wasn't all that good. I'm guessing your favorite character is Stiles.