Leather lasts a lot longer and personally I think it feels better. But the fake leathers often fall apart really quickly and can't be cared for like leather. A maintained leather item can last centuries, not that an accessory would last very long but faux leather crumbles pretty quickly

You're tight, but I couldn't think of a better term for it. I suspect leather is made with material that is generated not for leather making but as a consequence of the meat industry. And since when is "using the whole animal" a bad thing? Unless I'm wrong and there are animals killed specifically for their leather, that would be pretty fucked up.

Like almost everything, this announcement sounds more like green washing.

For your wood example, wood is actually a great green resource. It's not like they're cutting down the old growth trees anymore. They selectively cut and they have tree farms. Trees are also not as good of a carbon sync as people tend to think they are. Yes, they absorb carbon over their lifetime, but when they die, they rot and release it back into the atmosphere. The carbon we're worried about is the stuff that came out of the ground that was there for millions of years, which is far longer than a tree lifespan.