Yes, contact adhesive (also called Impact adhesive) is ideal, I use it for bellows repairs as well as when I make new bellows and shutter curtains.

In the UK/Turkey I use Evostik Impact adhesive, I think a US equivalent is Pliobond. Older versions are solvent based but newer types use a water base to deter glue sniffers.

Usually it never fully hardens and retains flexibility and it's possible to detach bellows with care. I know Custom (Camera) Bellows use similar adhesives I had ethem make some Bag bellows for a large monrail camera back in the 70's. Older glues tended to be hide based.