Hi Bill,
Very nice patina on the speed you show!
Your guess is correct. I do prefer leather straps of steel bracelets for all my watches, except for 2 models: the sportive Rolex watches and the AP Royal Oak. The main reason is that I like to change from one strap to another to “customise” the watch.
To illustrate that point, I will post the photos of some watches where I have removed the original steel bracelet in order to “dress” the watch
Grey alligator on this seamaster
Orange strap on this 70s memomatic (groovy baby!)
Simple leather strap on the Speed 2998
And a more classy alligator on the modern one