I think I would swap the smaller sofa and put it n the tv room and put the larger one centered, floating in front of the fireplace. I'm not usually a fan, but since your window is off center, I'd try putting the small sofa at and angle, right of the window and face it to a tv in the opposite corner. For the bay window in the formal space, I think it would be a great spot to put your barrel chairs with a 36" round table height side table. What a wonderful place to have morning coffee, read a magazine, play a game of chess, etc or even maybe do a small puzzle. Like this arrangement, but a small round, game size type table.

Please give dimensions of the space. Two things off the top: Skip the loveseats. They are nothing but oversized chairs for one. You can get two chairs in the space of a single loveseat and seat more people. I would probably not mix pure white with cream. It's going to look like a mistake. You can go all neutral, but choose neutrals that aren't so close in value.

I agree the sofa is pretty , DO NOT put TV above that fireplace that brown whatever at the front of the pic needs to go along with all the other clutter on the floor and the bookcase. Then some proper drapes . The problem is the sofa is really nice and all the surrounding stuff really does not work with it. Get a nice cabinet to mount the TV above and put that next to the fireplce then put the sofa on the wall oppositeI actually like the cowhide with the sofa, The easy thing is too remove everything in the space and then only put back waht you need to begin with . So in your case the sofa a cabinet for the TV and the TV The art needs to hang on walls where it it works those 2 pieces on the right wall do not work there so when you buy your TV cabinet make sure it is quite long and with some good storage and get rid of the bookcase. Add some nice drapes hung properly then a coffee table a good floor lamp, then see what else makes sense and let that sofa be the star.

Can the fish tank sit on top of the record player? Those could go between the windows. Personally, I would have put the TV on the wall right of the FP where you have the whatnot shelves and would have floated the two loves in an "L" out in front of the TV/FP area. The chair and ottoman would go in the recess by the closet for a quiet reading nook. Add a bookcase and lamp to flesh that out. You can still try that arrangement, but there is not much space for seating within easy viewing distance of the TV when it is high, smushed in to the corner and adjacent to the stair area, doors and traffic path. You might seriously want to reconsider the TV placement for optimal use of the space with your current furnishings.