If its a real leather sofa, I would use analine dye to restore it.... https://www.youtube.com/watch?v=F12rzALu1EI this is the product I use on all my client's leather sofas and recliners.
Darn hate when that happens..... https://www.youtube.com/watch?v=pt_o_qSgS3k&t=192s
Yes if it is real leather.
Real leather is a natural product, it has to "breathe". IT will be ruined. Think about it- if leather was easy to paint - shoes would be painted, and there would never have been shoe polish.