Studded armor isn't a real thing. Made up RPG nonsense (as is leather armor, actually).
This deserves to be a bit more specific.
Soft leather, the kind used for most garments, won't do jack against any kind of weapon, and is only moderately useful to ward off animals with small claws & teeth, and plants with smallish thorns. But
boiled leather (boiled in wax, usually), and other types of thick, hardened leather (think boots & saddles),
would provide decent protection in combat--definitely less than an equivalent piece of plate armor, but it would at least be
reasonably effective. Historically, it was always cut into small segments, ostensibly for the purposes of flexibility, though it's also sometimes done on armor pieces that are themselves quite rigid.
Yes, studded armor is essentially BS. The
only possible benefit I can think of is that if a slashing weapon is sliding over the surface of the armor, the stud can
catch the blade and keep it there--as opposed to letting the weapon continue on, possibly striking some part of you that
isn't armored.
Useful link, featuring some thoughts from scholagladiatoria:
https://www.quora.com/Did-leather-armor-ever-existLong story short, I think "soft" armor like gambesons, quilted armor, and boiled leather would be more useful for civilians, while your actual warriors use the "real" stuff (with a gambeson underneath, ideally). High boots, vambraces, and a breastplate of boiled leather might be cumbersome, but an Herbalist or whatever would feel a
lot better wearing them when there are dingoes wandering through the area.
Historically, some cultures had armor made out of bark/wood, and even paper.