That wheel looks awesome. I mean really sweet.
It looks to me like typical car leather, which means it's a leather hyde with a colorant on top - then a leather clear coat / protectant is applied. My BMW M steering wheel is that way, only the colorant is black.
First , I wouldn't use any APCs or general interior cleaners to clean the wheel EVER. These products are harsher than leather cleaners (pH could be anywhere) - and the possibility exist they can remove some of the colorant as the leather clear coat starts to wear. My guess is this wheel will never get nasty dirty - so I would use a leather cleaner. IMHO APCs should only be used on very soiled leather.
What works for me is Leather Master's Strong Cleaner - which really isn't that strong. However , it's a liquid the consistency of water - so it's easy to splash it everywhere. I apply a little to a boars hair paint brush - agitate - then wipe off with a MF towel.
While this isn't the most aggressive (or fastest) way to clean a part like this, I thing it's one of the safest ways.
Out of all the leather "protectants" I've used - the only one I've ever seen any evidence that it lasts more than a few days is CarPro Fabric and Leather. It seems to form a pretty thick protective layer over the leather. It's not the best looking "leather protectant" or "conditioner" - nor is it the "best feeling". However, I believe it offers more real protection than anything out there. I believe it has these slight drawbacks because what you are looking at is an actual coating - not "shiny stuff"/silicones or gloss enhancers slathered all over the leather. While leather conditioners can make leather initially feel and look great - they don't do crap for the life of the leather IMHO.
I apply it using a small piece of foam sponge and some foam Q-Tips from CarPro USA. With F & L you don't have to worry about the stitching (fabric) - as it protects that as well. If it was me, I'd coat the carbon fiber area with DLux - as that likely has a clear lacquer coating on it (unless it's a vinyl wrap like Di-Noc) - as nude carbon fiber doesn't "shine"...
