It’s a nice room, comfortable and welcoming - I don’t think molding will add much - what about a large piece of art you love instead?

can you swap out throw pillows and have them be a bit more interesting - think nubby and textured to warm up the leather couch and include some blue

Your art selection looks too small for the room. You might want to consider a triptych instead of one canvas. The proportion of a set of three looks better in your room.

Consider adding a tree to the room and accessories.

Not sure why you decided to only paint one wall and not even the feature wall. IMO your blue selection looks like Cornflower and that seems a bit too Farmhouse for your room.

Here's how multiple painted walls appear and alternate colors.

Another suggestion is remove the popcorn ceiling.

I hope you like this design.

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I'd sort out the chair placement before buying a coffee table. The single chair in the middle is using the space where the table and a clear walkway need to be. Try moving it closer to the window side and angling it toward the loveseat, then see how the room feels for a few days.

Once the center is open, a round wood coffee table would soften all the square furniture and be easier to walk around. Keep it fairly low and no wider than about two thirds of the sofa. A tall plant could go near the window behind the moved chair, where it gets light without crowding the TV wall. I'd keep the current rug for now and make those layout changes first.

I think you can make this room feel much more upscale without replacing the furniture. I would add a round coffee table in warm wood or light stone to anchor the seating area. A tall tree near the window would add height, and I’d replace the small artwork with one much larger piece.

Your idea of molding and gold sconces could work beautifully for a modern-traditional look. I would just keep the molding fairly simple so it doesn’t compete with the furniture. Eventually, replacing the ceiling fan with a statement chandelier would make a surprisingly big difference too.

I recently put together a video about five decorative pieces inspired by historic interiors that can add character and timeless elegance to a modern room. The Murano-style chandelier featured in it could work especially well with your modern-traditional style, and it’s available in several colors. I included a link to the chandelier in the video description: https://youtu.be/PoZYuVMbVXQ

Molding on the blue wall with gold sconces will immediately elevate the space. A warm wood coffee table and a tall indoor plant like a fiddle leaf fig or olive tree will fill out the room and fit that modern traditional aesthetic perfectly.

I agree with Alex about moving your chair up toward the rest of the seating area. I also like Beverly's idea to make the art more prominent and to add a plant. I would also consider changing your curtains. The ones you have currently don't feel quite polished enough. I would add panels in a color that match the wall behind your t.v. Move the rod on the smaller window so it sits about 6-10" past the edge of the window and add panels to both sides of that window. Then add matching panels to the larger front window. This gives you an idea of the right placement.

The illustration on the righ opens up the window and makes it appear larger. You should have enough panels to measure about 1.5 times the width of your windows. For example, if you have a 30" window, you'll want panels that span at least 45".

When you say freshen up the paint, what are you thinking?

Take it in stages? This removes the popcorn ceiling and adds crown--but no wall moldings until you're ready to change the seating pieces. It repaints the blue wall with a more complex, muted blue with a bit of green in it. It adds/substitutes more substantial tables and console and larger art for better scale with the sofas and chair (but notice that chatgpt made the loveseat longer and the chair smaller than they actually are). It's your call whether you actually want to do that if you're planning to replace the seating pieces fairly soon. It replaces the sheer curtains with heavier drapes and the rug with a cream-colored, very textural one. (And I see it changed your floor lamp, which I didn't ask it to do. The tripod one is fine.)

This room is not as refined traditional as you probably would like eventually, but to my eyes and given the hefty seating pieces, it's a more visually satisfying space until then.

FWIW . . .