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Yes! as long as it can breathe is good. Some leathers do not pose problems. I have an old hunting knife which lives in it's sheath, and has patina, but no rust. The sheath is old and dryed out. I...

A leather pouch is great to transport razors and protect them while doing so. I use them to take razors back and forth from my shop for shave tests and installing in my rotation and back as they need...

Very bad, IMO. Moisture cannot get out, the leather soaks it up and is in direct contact with the razor.
I would not recommend it. The razor should be in a dry place where air can circulate...