Hey man! I would say it depends from case to case, but for me, I use normal maps whenever I would require too much geometry to recreate the same detail in 3D or whenever the detail is too fine.
Pros of texturing: less geometry, depending on the texture used you can have many “natural variations” directly
Cons: it might not look as detailed, depending on the texture, it kight look tiled if you use a small texture etc
In the complex case I would model everything and use a normal map only for the leather texture
Also, I do Blender as a hobby so I might be very very wrong but this is my opinion
With a displacement map made by modeling it and baking to d-map… or even paining it… then the model have to be subdived or in newer game engines ther is a displacement shader… nevertheless it depends on the accuracy you need to accomplish.