The second benefit of a zip tie, along with a strap like the leather makes it a little harder to remove the tag.

There are no limits to luggage tags that you could just pull the strap and use it for the Ambassador tag. Those are designed to withstand gorilla bag handlers so one should provide years of service.

The Ambassador tag aesthetically speaking, is better with the leather strap. One idea to consider since from your description, the strap is still "functional," you can reinforce the strap with one of the wired loops that you get from a TPI bag tag or the 2026 TT bag tags. In the event the original strap fails, you will have the other wired loop to keep it attached until you're able to replace it with a new leather tag strap.

I actually converted mine to a zip tie so I could adjust the length. Holding string ever since.

Or just trade the strap out with about any other bag tag. I have some with fake and some with real leather. I would only use the real leather ones as they are less likely to break.

Amazon has replacement leather ones, if the link doesn't show, just search "replacement leather luggage tag strap"
https://a.co/d/05heekWL

Go to Wally World (aka Walmart) and buy a luggage bag tag. Look for one that has a nice strong strap. Bet you can find exactly what will work and will not be expensive. Bag handlers are the worst. Am dealing with Celebrity cruise lines now. The handlers ripped the wheels out of my carry on transporting it from the ship to debark. Could not even find the wheels somewhere in Amsterdam. What a mess. We got our bag tags at Wally World. They made it. But not the wheels.