It's still considered as leather BUT the problem with this is the underlying leather quality itself. With saffiano, lower cheap quality leather like corrected & pigmented leather can be substituted, and no one would know the difference. Saffiano just mean the crisscross hatchwork pattern imprinted on the top layer.
Prefect analogy would be solid wood flooring versus engineered wood flooring. Both are wood flooring but they are processed different. They appeal to different people for different reasons. Although solid wood can scratch more easily, you can always re sand and re stain. You can't do that with engineered wood.
I've seen some tags stating: Used with leather products. To me it is not the same as calfskin, lambskin or even cowhide, etc.. I think as consumers we need to be educated or the designers will pull the wool over our eyes.