You're probably best off finding an aftermarket leather cover that fits right. Lots of threads out there about fixing leather scratches/rips on steering wheels for other makes. Most of it boils down to the fix never looks like new using cheaper fixes OR throwing time and money at it (namely filling with leather salve and sanding, etc).
I've seen some leather repair shops do amazing work on ripped automotive seats, not sure how much money you want to throw at it. Perhaps a light wet sanding and colour touch up might work until you find a perfect fix.
It's a vinyl coating. Not leather at all. I managed to bubble mine up in the 1 o'clock position after not letting my Purell hand sanitizer dry enough before holding the wheel. I have heard good things about Wheel Skins but never used or installed one myself.