Is this the lower shoulder strap attachment point?

There is a decent chance North Face will be willing to repair it.

I think if you just patch it, unless you fix it in a stronger way, whatever wear pattern that caused this will probably reappear in this area again. Maybe that buys you a couple years or however long this took and that would be worth it to you. It looks to me like that spot is a pretty complicated area with lots of panels meeting up. So it might not be very easy to fix strongly in a way that looks nice. If the stylishness of the bag is pretty important to you, it might not be a great beginner DIY project.