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Gav2k Nope, he leather is not the same, period ! Just read the description to see the differences.
For the Loop: The Venezia leather for this band is handcrafted in Arzignano, Italy.
For the Classic Buckle: This traditional design is made from a calf leather that ages naturally over time to acquire a beautiful patina. FYI The Classic Buckle is already in Gen 3. Gen 1 was made at Ecco, the Netherlands, after that it became unclear which company is responsible. Read here
https://superphen.co/2016/10/02/comparing-the-three-generations-of-apples-classic-buckle-watch-band/ for a nice comparison
For the Modern Buckle: A small French tannery established in 1803 produces the supple Granada leather for this elegant band.
I own a leather loop and have several CB's in Gen 3. I prefer the CB but that is just a matter of taste. Only downfall i that both types do not smell like leather