I’ve always used sheepskin! They have sheepskin nose bands online for about 12$ and they stay in great shape :)
I'd use sheepskin first but a lot of people wrap hackamore nosebands with vetwrap, sometimes with soft foam underneath it too.
I heard that vetrap helps! I personally only will use a sheepskin hackamore if I don't use a bit. I also don't really ride with a noseband anymore when I'm not showing or training :/
I would prefer sheepskin over any synthetic material, as they can irritate the skin further because they're not as breathable.